Augme Technologies Inc. (OTC:AUGT) went through a trading session painted in red and backed up by an increased trading volume.
The number of shares that changed hands hit 763 thousand, which is approximately 2 times higher than the 3-month daily average.
For a couple of months now, AUGT has been moving up and down providing market speculators with plenty of trading opportunities. Just recently, AUGT looked like headed for another test of the $3.4 line, but suddenly the stock plunged down in the last trading session.
On that day, AUGT stock value decreased 12% to $2.67 after opening at $3.06. It seems like AUGT has finished at e level which has been tested three times so far in the last three months.
On this account, market participants have a point over which they can speculate until the opening of the next session. Namely, AUGT is at an important point where it is expected by long investors to show strength at a probable support level, but at the same time shorters are probably expecting that the increased selling pressure which formed yesterday will continue.
Even more so, the plunge of AUGT stock happened after the company had announced on the Marketwire system that it had ended the second quarter with a 79% increase in revenues.
Two days ago, AUGT also officially announced that it had appointed a new financial officer in the face of Tom Virgin.
The two consecutive news seem powerless to avert the forming downswing in the price of AUGT shares. Nevertheless, the stock will not stop to provide speculative opportunities for the short-term traders.
