Onteco Corp. (PINK:ONTC
, ONTC message board
) has been losing value for a long time now, although it may have found a fragile support around $0.05. Is it stable enough for a bounce, though?
Yesterday ONTC closed down 9.09% at $0.05 with 93 thousand shares traded. After the close we received a paid promotional email.
The promoter touts the stock as the "next bright idea," although the market performance of ONTC has been disappointing to say the least. It is, however, what promoters get paid to do, and in this case the compensation was $10 thousand; the promoter fails to name the paying party.
Promotions often cause market movements, but in the case of ONTC it may be a bit more difficult than usual.
Taking into account the reverse split from January, ONTC has managed to hit rock bottom, artificially swim back up, and dive further - effectively hurting shareholders more than it would be possible without the split.
There is still a real chance the promotion could get at least a positive start of today's session, especially if the company backs it up with some positive press release. Looking beyond, however, ONTC will need something really substantial to get itself turned around.