2 Bearish Movements Penny Stocks March 9th
Viral Genetics, Inc. (PINK:VRAL) penny stock declined 6.15 percent to close at $0.012 in its last trading session. The traded volume stood at 17.85 million shares while on average its traded volume stands at 5.84 million shares per day. Its market capitalization stood at $9.14 million as compared to its total outstanding common stock of 749.34 million shares.
The penny stock share price happens to be highly volatile and is negatively correlated with market index as per its beta value of -0.81 times. This means that the stock is likely to react by -0.81 times against one point change in market index and will be moving in opposite direction of market index. Stocks with negative correlation have a high significance in hedging strategies.
NeoMedia Technologies, Inc. (OTC:NEOM) penny stock dropped 14.05 percent to close at $0.010 with traded volume of 16.62 million shares as compared to its average traded volume of 11.71 million shares per day. The company’s total outstanding common stock accumulates up to 437.38 million shares out of which only 420.54 million shares are floated in the stock market.
The share price is trading at a relative strength index of 50 which shows that the penny stock considerable margin for capital gains. MACD shows mixed trend as the both the MACD line and trigger line are falling in the positive zone but MACD is below than the trigger line.
Looking at its price history the penny stock share price traded between the prices ranges of $0.01 to $0.23 in last one year. This can be derived that the share (penny stock) price is likely to find support at $0.01 while resistance could be seen at $0.23 level.
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