(Ivanhoe Energy story updated for market closing price and volume)

VANCOUVER ( TheStreet) -- Shares of Vancouver-based oil producer Ivanhoe Energy ( IVAN) spiked to more than seven times its average daily volume on Tuesday as Ivanhoe climbed above its 50-day and 200-day moving average prices.

Ivanhoe shares soared on the Tuesday market open to a near-52-week high of $2.99, and near the end of the trading session on Tuesday had hit a new 52-week high of $3.12. Ivanhoe shares ended Tuesday at $3.03, on volume of more than 7 million shares traded, versus an average daily volume of 640,000.
Ivanhoe 1-Year Stock Performance

Ivanhoe Stock Performance
(click on chart for more detail)

The gains in Ivanhoe Energy shares represented 13%, or 35 cents.

Ivanhoe Energy's previous 52-week high of $2.99 was attained on Oct. 12. Ivanhoe Energy has not experienced this level of trading since the two-day period of Oct. 9 and Oct. 12, when the oil producer achieved its previous 52-week high.

On Oct. 9 and Oct. 12, 11 million and five million shares of Ivanhoe Energy were traded, respectively. Trading in Ivanhoe Energy shares has only been above the 2 million share level -- for a full-day -- once since the October high.

There has not been any significant news out of Ivanhoe Energy since it completed its merger with PanAsian Petroleum at the end of November. However, with Ivanhoe Energy shares moving above both 50-day and 200-day average prices, and returning more than 75% in the past four months, trading models seem to have kicked in favoring longer-term upward momentum in the energy stock.

Since Dec. 1, Ivanhoe hasn't experienced a single day with more than one million shares traded.

-- Reported by Eric Rosenbaum in New York.

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