I was surprised to hear a radio commercial for Spongetech (SPNG) last night while I was driving in my car. It wasn’t anything special as far as commercials go. It was playing up their alliance with the Sponge Bob character….which neither I or my 4 kids are in to. It was fun to hear the commercial though.
I like SPNG. I have owned SPNG several times since I first called it at 2.1 cents and made some good money. I never believed that it could reach the lofty heights that it did, but I still made great profit.
Our chat room, Stockhideout.com, is the first place I check in the morning to “see what I can see”. A few of our users are all excited about SPNG. They think it is going to fly today. I checked NEWS and nothing much was there. It seems like the traders and investing public are kind of numb about SPNG press releases. Too many, perhaps?
What’s left? The Chart….go to the Chart!
The chart is giving some mixed signals. Bullish signs include the Bollinger Bands narrowing and the Stochastics indicating that the stock is oversold. Bearish signs are containted in the MACD line that is definitely indicating bearishness. Volume has dropped off lately, but let’s keep it in perspective. The stock is still trading 80 to 100MM shares per day! I can’t quite tell yet, but the RSI indicator may be turning positve
It is almost futile to talk about resistance and support levels with SPNG since those levels haven’t really been established. I think that we should still take a wait and see attitude with SPNG. The stock is great for short-term trades, but long-term worries me
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