Yesterday, the shares of Reliabrand Inc (OTCMKTS:RLIA) gained 40% to close the trading session at $0.0245. It was a third consecutive green trading close for RLIA stock and most importantly it was supported by massive share volume of 3.34 million compared to average share volume of 1.19 million.
The stock of Reliabrand came in focus after Richard Ellis, who has been in the penny stock touting market for quite some time now, said that RLIA is his latest pick. His previous pump for ENTERTAINMENT ARTS (OTCMKTS:EARI), which fetched him $50,000 in compensation, proved to be a total disaster and hampered his reputation. After the launch of promotional campaign, EARI declined more than 50% in a single week.
Unlike the pump of Entertainment Arts, the promotional campaign of Reliabrand had managed to gain attention of investors. In fact, last week, RLIA grabbed a place in the list of heavily traded OTC marketplace stocks. On Thursday, RLIA opened at $0.0054, made an intraday high of $0.0268 and then eventually settled lower at $0.016, which was still over 430% above the closing price of previous trading session. The strong gains helped Reliabrand stock to register a close out of sub-penny region.
The future ahead
The positive momentum of Reliabrand stock and the gains recorded in last few trading session confirms that Ellis’ pump has been a massive hit. But does it suggest that more and more people should participate in this frenzy buying? Well, the answer is no as the regulatory bodies don’t seem pleased with Ellis’ pump. It was evident when last week the Canadian province gave a Cease Trade order on Reliabrand’s stock.
Even the OTC profile of Reliabrand now carries a Caveat Emptor sign, which suggests that investors should perform due diligence before making any investment in the stock.
Reliabrand Inc (OTCMKTS:RLIA) ended the last trading session with a very large intraday gain of 40%. The volume of the day surged to 3.3 million, much higher than the daily average of 1.9 million, reflecting the acute interest on the part of the buyers. From a larger perspective, the stock has been moving inside a range of $0.003-$0.028 and unless that range is broken on either side, no real trending move can be expected. The bulls made an attempt to break it on the upper end just the previous session but failed to make a closing or keep the price above $0.028.