Brownie’s Marine Group Inc. (OTC:BWMG) started this week’s trading with an announcement which was subsequently reflected in the newsletters of two stock promoters.
As a result, the trading volume for BWMG generated in the last session was four times above the daily average. A total of 164 thousand shares were traded during the session at the end of which the share price of BWMG had dropped down 3% to $0.0.34.
Apparently, the promotion that started along with the announced news brought more trading activity to the stock but didn’t manage to bring more value to BWMG.
The company announced yesterday that it had found a full-line stocking dealer of the company’s dive systems in the face of a company called Ocean Enterprises of San Diego. [BANNER]
Two stock promoters, Sizzling Stock Picks and Penny Pay Day, picked up the news and distributed it to their subscribed investors. The compensation for the campaign was $2500 as indicated by the newsletter disclaimer.
The MACD indicator and the short-term moving averages are currently in neutral stance towards BWMG stock. In this regard, the technical setup cannot provide any ground for speculations at this stage.
The speculations may come from the fact that BWMG was unable to surge up on the announced news and promotions. This may cause some investors to think that BWMG is losing on the buying front at present.
