Penny Stock PUNL is on the move again today after the emerging mineral resources company announced Friday after close that they had received FINRA approval and officially change its name to Punchline Resources Ltd. The updated name will more accurately reflect the nature of the Company's new mineral exploration and development focus.
Currently trading near $1.50 per share PUNL is starting to trade the millions in daily trading volume that marked the highly successful explosive Bollinger Research/ Brighton Markets stock promotion of Independence Energy, Inc (OTC: IDNG) which they ran from around $0.75 to highs near $4 per share.
Many investors lost it all on IDNG as the stock was "purposely" tanked from several dollars per share to pennies while all shareholders shares were locked up in the 12 for 1 forward stock split and unavailable for sale. I suggest people remember the lesson learned on IDNG and play PUNL accordingly; from current levels PUNL could easily move 50% to 100% higher but don't be the one left holding the bag when this one collapses - that is the only sure thing here; we do not know exactly how high PUNL will go (probably much higher) but we do know for sure that one day PUNL will fall and it will fall fast.
In the wake of the AwesomePennyStocks (APS) VLNX disaster (PRTN still has a change although their FDA approval claims are ridiculous) as well as the Bull Exchange (NYSEARCA:TBX) VKMD disaster mess Penny Stock speculators have been on the lookout for the next big Penny Stock Play; they were looking for a stock just like PUNL to come around; a penny stock doing million in daily trading volume, just getting started and still very cheap promoted by a group right on the heels of a monster success such as IDNG which ran 400% + from start to finish.
Conclusion: Judging by the greatly accelerated price movement and dollar volume I suspect that hard mailers are hitting in boxes across the USA. Those fold out glossy ads that come in the mail to retail investors that propelled IDNG to massive gains are now coming to PUNL which is just starting to heat up. I predict (as I have been since $0.80) that PUNL is going way higher here and fast - I don't know if it will reach the success of INDG which toped at $3.80 but I bet it goes $2 to $3 range. Just remember to take your profits off the table on PUNL - you want to sell before the crash because that's coming too.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.