Shares in top $ volume penny stock of Sunpeaks Ventures (OTCBB: SNPK) gained 12.34% to close at $1.73 with $47.38 million worth of stock traded. SNPK may appear to be in the midst of its next bull run, but what do you really think it means when some unbeknownst independent research firm upgrades an asset-less, revenue-less pump and dump penny stock to a “strong buy and place a price target of almost 5X its current levels? Do you realize what this means?
This means that the hamsters that are down in the boiler room are getting tired and the wheel is about to stop spinning. The air is starting to leak out of the balloon. It means: Don’t get caught holding on to shares in Sunpeaks Ventures penny stock, SNPK, unless you wan’t to be stuck with them at 5X less than where they are today.
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History:
NSRS Chart from February 10
The older brother of Sunpeaks Ventures, North Springs Resources (OTCBB: NSRS) hit it’s peak of $1.72 on February 7th. On February 6th, NSRS received coverage from MicroStockProfit (see here) and shares climbed to $1.54 that day. The next day, February 7th, NSRS received coverage from BollingerReport (see here) and shares of NSRS again jumped to their peak of $1.72. The emails claimed: “We’ve never seen such a strong appetite to own shares of NSRS!”
Looking at the chart, you can see that the coverage and target price indications means the grand finale has been lit up and its time to enjoy the show. At this rate of continuation, the next leg tomorrow will be $1.40 or less which would be a great way to end the week on a panic note. Panic creates momentum and all the believers will double-down to buy back gains that will be gone in less than week’s time. Again – look at the chart.
The claims that millions of dollars of short positions will need to be covered by buying SNPK in the coming trading sessions could be true but its only because those who are promoting it are also shorting it. To think that you could gain an extra 500% of possible additional gains from current levels on SNPK means that you should sell your position, take the money you invested in SNPK and any other money you have and donate it to a charity that can put it to good use.
Bottom Line: If they claim that “All of SNPK shareholders must now be drooling to see $9 as soon as possible,” I bet my fortune on the fact that this hot penny stock, SNPK, flames out and hits $0.09 before it ever reaches $3. And with history as a litmus test, this could happen in the next few weeks!
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If you are holding SNPK right now and you want to see it hit $9, hold your breathe, it will be more fun.
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