VIPR Industries may be setting up for a move this week

The penny stock VIPR Industries may be setting up for a move this week.  It is somewhat of a simple setup but could have some juice in it.  Caution is still advised because there is not much sideways cause for VIPR. 

The positives here are the bombshell volume that occurred about 3 days ago on the first spike upwards.  That was on over 100 million shares.  Then the next day retracement downwards was on dramatically lighter volume.  The drop off in volume was substantial and I do not usually see such a dramatic drop off in volume like that after such a big move, especially on penny stocks.  The actual percentage drop off in volume on VIPR was by about 68% which is huge. 

We may have very quality volume here in VIPR.

Then on last Friday price on VIPR starting catching wind again and volume increased substantially to about 67 million shares.  So roughly 60% of the free tradable float could be bought up at this point.

As positive as I am on this penny stock, I am still a bit scared because again we are dealing with a pattern that does not have much sideways cause at all.

You see that red dotted horizontal line? I like how we busted up through there with a sign of strength on the huge volume I talked about earlier.  To me it makes that breakout of that resistance valid.  Then, the next day we pull back to that support line on the dramatically lighter volume already mentioned.

Now it seems VIPR wants to start moving topside again. 

It also looks like a small pennant formation for the last 3 days.

For me to stay positive on VIPR we MUST MUST MUST stay and hold above the .0024 support level.  I would prefer to see it start moving immediately on Monday for me to stay positive on it because it has this shorter term pennant formation.

If VIPR does not get moving very quickly Monday, then this could turn out to be a dead fish.

Oh by the way, VIPR is a gold mining penny stock, just so you know.  I can’t speak to what relevance that has here as it probably does not mean that much at this point.  The main thing with VIPR Industries is that support holds and it gets a move going SOON.  If it doesn’t then it could just start drifting sideways to down and lose its potential.

Get an edge over other penny stock traders with the most powerful penny stock screening tool available today. No other mainstream broker has penny stock screening tools (for pinksheet and OTCBB stocks) like this. Try it free for 30 days or learn more about its features.