Our Small Cap Penny Stock SPNG.OB Breakouts On Volume Today!
Aug 26, 2009 Small Cap Stock Picks
SPNG.OB, Spongetech, broke out of strong resistance today around .18 on increased volume after i purchased this stock yesterday for the Black Service portfolio @ .164 . I was anticipating the breakout above .18 yesterday and sure enough today it happened. Today marks the official breakout of the chart pattern so if things go as planned tomorrow should be the big move in this stock for confirmation of this breakout. A breakdown below .18 tomorrow will likely signal that this breakout is not as legit as we want it to be and could be time to exit the position and take our profit while we still have it.
Over all im very pleased with this position so far. We had some shaky intraday action but found a mass of buyers into the close where we ended the near the highs providing us with a lot of momentum going into tomorrows session. Short term goal would be to take profits near the past peak resistance around .25.
WANT OUR REAL TIME TRADE ALERTS VIA TEXT MESSAGE/EMAIL/LIVE CHAT? TRY A 2 WEEK FREE TRIAL TO BLACK SERVICE!















