SPNGE recently began a bounce off a major support line and looks poised to push higher in the coming weeks. If we've learned anything from this stock its never to doubt a sponge. The volume continues to be tremendous and this stock certainly has more life in it,as indicated by the above average volume.
Look for a push to $.14 and then a possible test of $.20 in the coming weeks. The stock remains in very oversold conditions and the upward move could be quick and impressive.
Always remember that technical analysis holds less wieght for penny stocks than their big board brethren. SPNGE could issue market making news or other outside factors could move the stock in a decidedly different direction.
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