Investors in Sanwire Corporation (OTCMKTS:SNWR) are going to be hoping for a quick turnaround for the stock this morning after it tanked by as much as 9% on Monday. That being said, it ought to be noted that despite the steep fall yesterday, the stock had been in the middle of a rally.
Trading Data
On Monday, SNWR stock fell 8.80% to $0.0083 with more than 149k shares, compared to its average volume of 167k shares. The stock moved within a range of $0.0083 – 0.0090 after opening trade at $0.0090.
Recent News
The shares had been in the middle of a strong upward move thanks to a key update that was provided by the company last week. In addition to that, it ought to be noted that prior to Monday, the trading volumes in the stock had also gone up considerably. Towards the end the previous week, there was a distinct bullish tendency in the stock and that may have led to the gains that were seen in the Sanwire stock.
One of the more important reasons why investors had been bullish on the Sanwire stock was due to the fact that the company had been totally focussed on unlocking more value for its shareholders. In order to do so, it had been working towards streamlining its portfolio and then make it far more efficient. It could be a good idea for investors to keep an eye on the stock.
Technical Data
SNWR stock is trading below the 20-Day and 50-Day Moving averages of $0.0086 and $0.0084 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0085.
