Peter Hristov

Global NuTech Inc (OTC:BOCL) Attracts More Speculators

by Peter Hristov July 18, 2011
885BOCL_chart.pngThe vigilant speculators on the penny stock market have definitely noticed the increased trading volume of Global NuTech Inc (OTC:BOCL) common stock during last week. Apparently, something managed to bring the attention of the market to the company, which resulted in more share turnover.

The truth, however, is that officially there was no signal such as report or press release which could explain the increased trading activity. Nevertheless, the stock went through a turbulent and volatile week with a significant price jump and crash, which finished with a weaker trading session on Friday. Eventually, BOCL finished the week at $0.0012, right where it finished ten days ago.

After BOCL started the week with a volume five times higher than the daily average on Monday, the following day the trading literally exploded with a volume of more than 45 million. On the same day, the stock soared 45% to $0.016, but the next day the rise in the share value was completely wiped out after a 31% decline.

39BOCL_logo.pngAs it was already mentioned, there was no specific reason for the stock surge. Most likely the market was driven by the technical configuration of the stock.

In this regard, market speculators might have been influenced by the the fact that BOCL hit a 52-week low at $0.001 and expected some form of a rebound. Apart from that, the MACD and the 4- and 9-MA were in a strong bearish configuration during this period.

The company has anchored at the critical $0.001, which is the border to the triple zero pennies. So, the coming week will show if BOCL will have the strength to keep its value in the sub-penny area or step further down the chart.

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