Penny Stocks on the Move on Oct 29: GSAT, NAMG, ASAB
US stock markets are heading up today despite the negative economic news published today. The major US indexes are steadily climbing, while the small cap OTCM ADR index is wavering, as it has posted an increase of only 0.03%.
Despite this fact, penny stocks investors can still seek for opportunities for speculation among the market movers on the OTC and Pink Sheets markets.
Globalstar, Inc. (GSAT) – No body will be surprised to see GSAT on the top list of most heavily traded stocks on the OTC Market, as the company has been claiming this position for the last couple of months.
Today the stock continues to enjoy a lot of trading attention, despite the fact that corporate press releases do not come out from the company as often as before. Nevertheless, the company’s ticker has been regularly featured in trade alerts and watch lists which have been keeping the interest towards GSAT stock high.
Two weeks ago, GSAT announced in an SEC filing that it had approved the terms of the Common Stock Purchase and Option Agreement with Thermo Funding Company and Thermo Funding II LLC. The filing did not cause any shift in investors opinion towards GSAT stock, so it kept consoling near the recently hit 52-week high.
The consolidation phase has been going on for almost a month, during which the resistance at $1.50 was tested three times. Today the stock also made an effort to press on the resistance but it lacked enough buying pressure to produce a break-out.
At the moment shares of GSAT stock are trading 1% higher at $1.43 per share on a lower than average volume of 2.2 million. The trade value generated by the stock since the start of the trading session has exceeded $3.2 million.
North American Oil & Gas Corp. (NAMG) – NAMG headed sharply down today despite the trade alert, which Equity Profile Report issued on the company yesterday. NAMG has not issued any press release since mid-Sept.
The lack of fundamental support is one of the reasons why NAMG has been losing steam since the stock skyrocketed in mid-Sept when the company provided a corporate update on a 3D survey covering its Tejon Area project.
Although at the end of last week, NAMG shot up from $1.00 to $1.30 per share it has wiped out most of this gain today.
Currently shares of NAMG stock are trading 10% lower at $1.14 per share on a higher than average volume of 1.3 million. The trade value generated by the stock since the start of the trading session has reached $1.6 million.
The performance of NAMG stock today showed that the 50-MA acts as support for the stock. The same technical line served as a resistance for the stock at the beginning of the month when NAMG couldn’t surpass $1.15per share.
Allerayde SAB, Inc. (ASAB) – ASAB is experiencing an unusually intensive trading activity with its stock today. The buying pressure on the stock seems surprising on first look because the company has not provided any recent press releases to provoke the market’s interest towards its stock.
In fact, the reason for the hype around the stock today is the expensive market awareness campaign which was initiated on ASAB after the last closing bell. As we have already reported, the campaign on ASAB is led by three promoters who had received $515,000 for the advertising effort on the company.
Unfortunately, the stock proved to be a risky play, as it declined sharply after a short positive episode at the beginning of the trading session. At the moment shares of ASAB stock are trading 15% lower at $0.43 per share on a higher than average volume of 2.5 million. The trade value generated by ASAB since the start of the trading session has exceeded $1 million.