First Titan Corp. (OTCBB:FTTN) Continues Drop Despite PR Efforts
First Titan Corp. (OTCBB:FTTN) is officially down 75%, fulfilling most prophecies for the reach of the downward pressure. The fall accelerates, with no indicator of stopping, and it may be a few days until FTTN makes even the vaguest attempt at rebouncing. FTTN shed more than 17% on Wednesday, reaching 45 cents on selling volumes of above $365,000.
Not one cent of the fall was unexpected for most investors, yet in the past weeks, FTTN also had a couple of days of buying, showing that at the lower positions, the otherwise defunct offer may hold some promise of potential recovery.
It is curious that FTTN states its production efforts happen “alongside” those of big oil companies in the USA. Which translates to the effort to get a tiny sliver of an oil field, mostly as a tool to attract investors with a show of seriousness.
On Wednesday, FTTN came in with a fresh press release, stating it would be regrouping its oil and gas assets for optimal production. Yet FTTN never produced enough oil and gas to be a viable company- and most of the upside in the past months was achieved by a promotion that called in many hopeful investors, as well as buyers who knew when to shed their holdings.
The fallout of FTTN has also been a boon to short sellers, and we can imagine this translates to further downside pressure. Then, there is also the general opinion that FTTN has little real business to show, and the main boosters were the PR messages and the email at the end of October.
Tiger Oil and Energy, Inc. (OTCMKTS:TGRO) is a newer proposal that behaves more erratically, but that still managed to double in price in the past few days. TGGI headed toward 54 cents, but holds a high risk of corrections.
The positive side of FTTN is that there is a wide awareness of the risks, and it is clear that it is used as a short-term bet. Avoid believing too much in the long-term promises, as OTC tickers often tout the qualities of their future production- only never achieving real results.