Not too long ago, the Renewal Fuels Inc (OTCMKTS:RNWF) stock had managed to make a strong upward move but the situation changed dramatically yesterday as the stock suffered from a strong selloff and tanked by as much as 10%. In light of that sharp decline, it may be a good time for investors to consider taking a look at the announcement from Renewal Fuels on Wednesday.
Trading Data
On Thursday, RNWF stock fell 10.64% to $0.0042 with more than 46.05 million shares, compared to its average volume of 3.93 million shares. The stock has moved within a range of $0.0042 – 0.0058 after opening trade at $0.0050.
Major Development
The company announced yesterday that its subsidiary unit 7 Point Financial had inked strategic partnerships with the company Growthport Inc. As per the terms of the partnership, the two are going to be involved in providing electronic payment services.
In addition to that, the two companies are also going to come up with an alliance so that financial services could be provided to the significantly large customer network of Canna Pax Solutions. It was a major announcement from Renewal Fuels however it did not lead to any optimism among investors.
Despite the selloff, it may be a good idea for investors to consider keeping an eye on the stock over the course of the coming days and watch out for the price action. Many investors are possibly going to be hoping for a recovery this morning.
“We are proud to announce our partnership with 7 Point Financial adding banking services to the offering including Pin/Debit transactions and cashless ATM services. We are looking forward to helping each Michigan operator handle their finances smarter and effortlessly. ” Stated founder Paxton White of Canna Pax Solutions.
Technical Data
RNWF stock is above the 20-Day and 50-Day Moving averages of $0.0040 and $0.0041 respectively. However, the stock is trading below the 200-Day moving average of $0.0048.
