ITonis Inc (PINK:ITNS
, ITNS message board
) has been fighting with the 50-MA since the end of December. However, the stock hasn't provided any strong signal about what course it will take next.
On Thursday, the value of ITNS stock dropped down significantly after a highly volatile session that took place on a low trading volume.
The stock's price extremities were defined by an intraday high at $0.055 and an intraday low at $0.032. The intraday low was actually the mark where ITNS closed the session on Thursday, which was a decline of 23% as compared with the previous close.
However, long investors were consoled when on Friday ITNS regained some of its value and finished at $0.04 even though the value was still below the 50-MA.
The turbulent shifts in the stock's share price in the last two sessions happened without any released news or reports.
Seemingly ITNS doesn't show any signs that it will leave its current trading range soon. At the same time, however, investors may have noticed the positive divergence between the stock price and the MACD indicator.
The MACD has been climbing up slowly since the beginning of the month and now that the indicator has converged with its moving average the next moves of ITNS will decide whether a bearish cross or a bullish bounce will form on the MACD graph.
As if to support the stock at this critical moment, a trade alert popped up last night. The alert was issued by Penny Stock Pick. The promoter does not specify whether he was compensated for his advertisement of ITNS.