Fortune Oil & Gas Inc. (PINK:FOGC) has once again surged on the promotional horizon with a new campaign that started last night. In fact, the company is still covered by its previous promotion, which was detected on Monday.
This time, along with the $355 thousand promotion led by OTC Reporter, the company received another promotional helping hand. The Stock Mafia and Epic Stocks picks issued a newsletter after the end of the last session. These letters were part of a paid campaign which cost $15 thousand and was ordered by Oceanic Consulting.
Yesterday, apart from the new promotion, a press release from FOGC also exerted its influence on the stock. However, its effect was not enough to push the stock higher than the previous close and thus FOGC finished 8% lower at $0.017.
The trading activity was higher than the daily average with 2.3 million shares traded. Approximately one million of these shares were part of the short volume for the day, according to the official FINRA data. [BANNER]
If the price decline continues despite the promotional efforts, the major trending indicator may change the current bullish stance into a bearish one. The short-term moving averages are visibly at a peak distance at each other, which means that a change is possible to occur.
On the whole, the second promotion of FOGC has a weak point because the previous campaign had already stirred the market on Monday. Therefore, at present the stock might turn out to be immune to additional artificial stimulation. In this regard it would be unlikely for FOGC to experience the same surge today.
