Yesterday, Imperial Resources Inc. (OTC:IPRC) plunged down by 7.94% to $0.29. The depreciation happened even though IPRC was covered by a promotion for the day.
Early in the morning, a couple of hours before the opening bell, a newsletter dedicated on the company surged up on the horizon. The issuer of the letter was OTC Picks who had taken the promotional campaign of the company in his hands for the day.
The promoter didn’t hide that his services were ordered by a third party called Investing Channel. It also turned out that the newsletter was not spread out for free as after taking a closer look at the disclaimer it turns out that $4,000 were spent for the eulogizing words on IPRC.
Unfortunately, the promotion not only failed to raise the price of IPRC shares, but it also failed to attract more attention to the stock. This is shown by the trading volume for the day which barely exceeded 100 thousand shares – two times lower than the daily average.
At the same times, the short volume for the day was also very low. The data issued by FINRA showed that only 18 thousand shares took part in short transactions.
What is most important, however, is that IPRC went through a technical threshold which may have influence on the short-term behavior of IPRC stock. Namely, IPRC broke below the support at $0.3 that had been sustained for about a month.
