American Graphite Technologies Inc (OTC:AGIN) Still Has a Way to Go

American Graphite Technologies Inc (OTC:AGIN) dropped 9.84% to $1.10 on 2 million shares, but the whole ordeal may not be over, yet.

Since Mar. 12, when AGIN started trading in higher volumes, about 10.4 million shares have changed hands. As I mentioned in a previous article, before the pump started there were 15 million shares held by parties which got them for free.

While unloading those shares at any price would be profitable, the people holding them would probably prefer to get the most of the opportunity, and dump them at the highest price possible.

We haven’t received any pump emails so far today, and AGIN hasn’t issued a new press release, but there’s still time for any of those to come out.

At this point, however, it may be hard to significantly inflate the price of AGIN stock. The promoters who joined the campaign yesterday seem to be able to cause a quick crash.

One of the newsletters, Penny Pick Finders, tried to pump Buyer Group Intl Inc. (PINK:BYRG) on Sunday. In just two days, BYRG is down almost 70%. Back in February, the same promoter mailed on US Tungsten Corp. (PINK:USTU) and it crashed 50% in just three sessions.

Even if AGIN does the same, it won’t be a huge problem for those holding the free shares. The only thing they need are traders willing to buy their stock.