For more than a week, MagneGas Corporation (OTC:MNGA) stock was flying up, drawing on the chart its best performance for the last two years.
All this happened thanks to a brilliant media campaign and thanks to the latest official disclosure from the middle of August.
The company announced its positive financials in mid-August, reporting revenues from produced fuel from its demonstration units. This was the proper time for MNGA stock to soar.
Unfortunately, something different happened. The company’s financial report was not able to attract investors, while stock promotions, stock alerts and a press releases raising optimistic expectations did it.
MNGA stock has been promoted almost all the time over the past two months. Finally, the stock alerts proved as the most efficient tool during the last two weeks, succeeding to rush not only MNGA share price.
The volume traded last Thursday was the highest in MNGA entire trading history and on the same day the stock noted a new 52-week high at $0.34 per share.
Days before the event, the stock alerts were proclaiming MNGA as “the clear winner” of the week, referring to the company’s “impressive news announcements.”. All that impressive news were related to a non-binding future deal and to the company’s media campaign. At the same time, the latest official SEC filing from MNGA was the above mentioned financial report from the summer time.
Looks like last week the stock alerts were much more impressive than company’s news.[BANNER]
In confirmation of this, MNGA turned back on Friday. After days of strong upward moves, a rapid pull back started. On a heavy volume, MNGA stock closed the week at $0.255 per share with 8.93% of lost value.
Within a week, on the strong support of stock alerts and some shorting MNGA had gained 60% and in two weeks time MNGA stock allowed some investors to bank a 130% profit.
