Yesterday, even though a promotion letter of IceWEB, Inc. (OTC:IWEB) was spread around before the start of the session, the generated volume was lower than the previous day.
IWEB share value remained unchanged at $0.19 after going back and forth between $0.20 and $0.17. The number of traded shares reached 309 million, which is only slightly higher than the daily average. The shorting volume was comprised of 133 thousand shares, or nearly 43% of the total volume.
The promotional campaign dedicated to IWEB was started by Penny Pay Day, who generates 4.5% average daily intraday high and $63 thousand average dollar volume per promotion as indicated by Hotstocked. The promoter had received $10 thousand for his services by New Era Media Ltd. [BANNER]
The promotion, however, didn’t give a lot of chances for investors to gain on their day trading. Only around 1p.m. did IWEB surge above the previous close, which was the only potential chance for profit for those who bought the stock at the beginning of the session.
Technical indicators have not been supportive of the stock for nearly a month. The MACD indicators have been bearish since the beginning of July. Somewhere around mid -July IWEB broke below the 50-MA as well.
It appears that IWEB is resisting any upward impulses for now. Neither the promotion, nor the recently issued press release have been able to reverse the downtrend. Thus, IWEB has found itself again at a support established as early as February this year.
