NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Closes The Week With a Bang
After the initial upward run NanoTech Entertainment, Inc. (OTCMKTS:NTEK)’s stock had in the beginning of the month it started to slide in a downward direction and closed 5 sessions in the red. The optimistic news from the company and some touting around investor forums, however, the tides turned.
In Wednesday NTEK came out with a press release which announced the company’s membership in the High-bandwidtch Digital Content Protection (HDCP) licensee group, which would allow users access to copy protected content.
This helped the ticker gap up and open at $0.107 per share, but it slid down almost instantly and continued to move in a seemingly straight line until closing at $0.101 on a below average volume of traded stock, estimated at 3.8 million shares.
It seems that investors were engouraged after NTEK breached the $0.10 barrier and the next day started with a dumping fiasco that pushed the price as low as $0.0905 per share. The session closed with a total of 8.5 million traded shares and a trade value of $813 thousand.
It looks like the hype that was generated by traders on investor forums was the reason behind the company’s success in Friday, because there was no evidence of a paid promotion or any optimistic press releases from the company’s side.
NTEK opened Friday’s session gapped up at $0.1064 and there were no big movements in price until the high for the day of $0.117 was reached. The ticker slid slightly lower to close 16% up at $0.115 with a decent 5.2 million shares switching hands and generating a trade value of $569 thousand.
It seems that NTEK was an easy target for Money Runners who started a promotion this morning. There is no mentioned compensation in the email, but considering the “success” of their previous picks we wouldn’t take their word for gold.
One of the companies that were promoted by Money Runners is Southern ITS International, Inc. (OTCMKTS:SITS), who are currently 50% down from the peak in the heat of the promotion that took place in mid-September. Let’s not forget that Money Runners tried getting some credit for the jump of Medical Marijuana, Inc. (OTCMKTS:MJNA) in mid-August. Unfortunately for them MJNA crashed tramendously the very next day, losing a hefty third of its value.
This is the exact reason for which we urge you to do your own due diligence, weigh out the risks and proceed with caution towards any stock, especially when it is being promoted.
