Sunpeaks Ventures, Inc. (OTC:SNPK), once a high flying stock due to promotion has dropped well below its pre pump levels. The SNPK pump began at around $0.40 a share and saw a massive spike in volume around March 12 as traders were excited to trade the newest big pump. Shares of SNPK quickly rose to about $0.70 a share before seeing its first pull back as investors locked in quick profits.
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This pump was far from over though as the stock slowly began to rise from $0.50 a share and only saw a handful of negative days before hitting an all time high of $2.40. SNPK hit $2.40 earlier in the day on April 17 and would be the last time it was over $2 a share. Later that morning the bottom fell out of SNPK as big selling led to panic selling as traders who got in late rushed to the exits. This sent the stock to as low as $0.93 a share on April 18. SNPK saw a few bounces the past few weeks, but hit lower highs each time on the way down.
While the pump was the main driver behind SNPK’s move, the company also released news at a near constant rate to keep investor interest high. Sunpeaks Ventures released near daily news about its advertising efforts with Clotmain including agreements with minor sports teams.
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SNPK stock is currently trading down 6% today at $0.2490. Volume is still high with 16.9 million shares traded so far today. The stock typically trades 24.7 million shares a day on average.
SNPK had one of the longest lasting pumps in recent memory. Beginner traders should always be wary of trading these type of stocks as the bottom can fall out at any time. There is money to be made with them however as is evident by its massive run up from $0.50 to $2.40. As always, research any company you are thinking about trading in before making a decision to trade it.
About Rachel Brook
