Today shares of Amazing Energy Oil & Gas Co. (OTCMKTS: AMAZ) are soaring today. They are up over 102% so far this morning on over 65 million shares of trading volume. The stock only has a trading float of 17 million shares so this represents a massive turnover in stock for the company. Take a look at the chart.
The stock only has a market cap of $7.125 million dollars. The company only generated $595,000 in revenue last year and had a negative operating revenue of over $7 million. The stock though has become a huge trading play for penny stock traders on Twitter this week as you can see from these recent tweets.
Looks like $AMAZ is the stock of the day wow back to back 100%+ gains— ClairvoyantAlphaTrader (@ClairvoyantINVT) June 2, 2020
$AMAZ— Cody P. (@OddStockTrader) June 1, 2020
Like I had been mentioning, haven't seen some of these OTC charts in YEARS.
Currently a 5x trade on this.
$AMAZ was another interesting ticket, had a gap up, and broke out at 0.021$, I didn’t buy it because I still didn’t fell confident in otc markets, I still testing it. It still having new highs . #StockMarket #stockstowatch— Pipo Canelo (@PipoCanelo) June 2, 2020
It’s nice to see stocks like this go up, but I don’t know if there is anything coming that will justify the move and I am not seeing anything to suggest there is. In tweets today there is talk of “promoters,” but not much else.
I personally prefer small cap stocks of companies that generate larger streams of revenue and can turn a profit. Situations like that are now happening in the gold market. My top stock pick for this month is doing well and I gave an update on it in a trading update video this morning you can watch here.