Shares of Farmmi Inc (NASDAQ:FAMI) continue to trade in a very tight range. Will there be a break to the upside?
Market Action
As of 12:00, FAMI is trading flat at $0.371. Volume 13 million shares on 11,422 trades. FAMI opened at $0.398 and has ranged between $0.398 and $0.3758. The open was the high of the day so far.
Farmmi Announces Latest Sales Win
Farmmi released news this morning before the market opened. Key points include:
Farmmi announced its latest sales win underscoring the continued growth in worldwide demand for mushrooms.
- The Company’s Zhejiang Forest Food Co., Ltd. subsidiary was awarded another multi-product order for export to Israel.
- This latest order is for dried whole and sliced Shiitake mushrooms, and dried black fungus.
Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, “We are benefiting from increased customer engagements worldwide. Investments we made in building out our supply chain, warehousing, packaging and logistics are giving Farmmi an advantaged competitive position.
Our ability to source high-quality mushrooms and edible fungi from major suppliers sets us apart. For example, one of our major suppliers is located in Qingyuan County, the birthplace of artificial cultivation dating back about 1,000 years. When we leverage that high level of product with our sophisticated supply chain, superior quality control system, and logistics, it is a powerful combination.”
Trader Notes
FAMI continues to trade in a tight range after it gapped lower last month. Potential pivot points are .3898, .409 and .439 above and .36 .35 and .32 below. FAMI trades below all its major moving averages. There is a slight improvement on both MACD and RSI so keep FAMI on your watchlist for a potential breakout.
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