The stock demolished the Hidden Pivot support I'd flagged at 0.4062 (USD), implying the decline begun in February is likely to continue to at least 0.3586, or perhaps even to 0.3248 in the weeks ahead. I spoke yesterday with the company's CEO, Atul Sabharwal, and he remains confident about Snipp's prospects, even if the stock has come down hard after topping at 0.7780 earlier this year. SNIPF (the company's U.S. symbol; it trades as SPN in Canada) has lost slightly more than half of its value since then, a pretty stiff correction. Sabharwal points out that many stocks listed on the Canadian Venture Exchange, which is heavily weighted with energy and natural resource companies, have gotten pummeled this year, weighing down the shares of even strong performers like Snipp. He notes that Snipp's balance sheet is in "great shape," with a $10 million cash reserve, and that "business is as good as ever." That said, 22 million Snipp shares issued at 0.55 (CDN) became tradable in June, glutting the market at a time when Canadian Venture Exchange stocks were getting trounced. This created a "perfect storm" to rock SNIPF's boat, Sabharwal said. "I don't know what's ailing the exchange. Maybe there's fear of a tech-bubble blow-up. But it's put a lot of pressure on us." Click here for an upbeat assessment of Snipp prepared by analysts at EuroPacific Canada and published a month ago. (Note: Your editor still holds a position in the stock.) _______ UPDATE (July 8, 2:18 p.m. EDT): The ultimate bottom may lie still lower, since the stock failed today to hold above the absolutely clear and authoritative Hidden Pivot support at 0.3248 (USD) noted above. What this implies is that SNIPF could now fall to 0.2701 before finding a bottom, or perhaps even to 0.2068, my
LATEST TRADES
