Although yesterday Bizzingo, Inc. (OTC:BIZZ) announced its was going to upgrade its business search and networking platform, the company’s stock fell sharply down during the trade.
Trading volume was four times higher than the daily average with nearly 370 thousand traded shares. On the background of the increased trading volume, BIZZZ stock lost 175 of its value and at the end if the session the company’s shares had reached $0.52 per share.
The paradox was that BIZZ dropped down when there was not only a new announcement but also a paid promotion of the company. [BANNER]
Sometime after the start of the session, a couple of promotional letters on BIZZ popped up. The campaign compensation was $37,500. However, its appears that there was a more powerful factor on the market that day, which foiled the promotional effort.
After the stock move yesterday, BIZZ broke below the 50-MA which strengthened the bearish mood of the other trending indicators. There is a visible support at $0.5 so market participant will have to watch what will happen with the stock at this level.
