After the last promotion of Pengram Corporation (PINK:PNGM) at the end of April, the stock entered in a trading range that pivots around the reached new 52-week high. The support has settled at $0.2 and the resistance in forming at $0.25. The question is, what will happen in the near future – will PNGM remain in the range or break its limits?
While this is a question that is beyond the common vision of investors, it seems that there are some forces which will try to give PNGM an artificial impetus to break out of the new borders. These forces are actually a couple of promoters who have gathered and initiated a campaign on the company after the end of the session yesterday.[BANNER]
A group of whole seven promoters sent out newsletters to proclaim that PNGM was a “golden trade opportunity”. The campaign was backed up by a $30 thousand compensation, which was provided by Capilano Capital Inc. This is the first time this entity surged in the field of promotions and there is no other data about it in the Hotstocked promotional library.
At present, there are no convincing signals by the technical indicators. Yesterday, the 4-MA almost crossed over the 9-MA, but apart from that there are no other bullish signals. The MACD, RSI and DMI indicators give neutral signals for now.
Any way, PNGM will be covered by a promotion today which can distort any technical signal. That’s why it is very important what the effect of the newsletters will be and if there will be a correction afterwards.
