Innovative Payment Solutions Inc (OTCMKTS:IPSI) came out with some news this morning briefly sending the stock higher but as the afternoon session gets going the stock is heading lower. Does this mean the nice rally IPSI has been on over the last week is over?
Market Action
As of 1:15 Shares of IPSI are trading at .1706 off .01946 down 10% on the day and it’s looking weak. The stock opened the day with a little pop to the upside of 10% but couldn’t hold on. Volume is 10.3 million shares almost double its 30 day average of 5.3 million.
Earlier today IPSI announced that it is going to be one of the featured presenting firms at the H.C. Wainwright Cryptocurrency, Blockchain & FinTech Conference which will be held virtually on April 27, 2021. Innovative Payment Solutions Chief Executive Officer, William Corbett is going to be presenting.
Tuesday, Innovative Payment Solutions announced that the company’s board had voted for the uplisting of the stock to NASDAQ. Corbett stated at the time that Innovative Payment Solutions has managed to get rid of the toxic debt in its books and has also managed to raise ‘significant’ amounts of fresh capital. He went on to state that it was the right time for the company to be listed on NASDAQ.
IPSI has been on a nice little run the last week going from .08 to .21 gaining 164%. Of course, some traders are going to take some profits and run. If the stock closes below .15 this little rally may be over for now.
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