GBT Technologies Inc (OTCMKTS:GTCH) Stock Corrects From High: But Why

Investors in the GBT Technologies Inc (OTCMKTS:GTCH) stock did not have a great start to the week it emerged as one of the notable laggards and went down by as much as 7% on Monday.

Market Action

On Monday, GTCH stock was down 7% to $0.20 with 72K shares, compared to its average volume of 174K shares. The stock has moved within a range of $0.1900 – 0.2450 after opening trade at $0.2450.

GBT Develops a Visual Design-Rule Analysis System for Integrated Circuits

While the decline in the stock may be notable, it is also necessary for investors to keep in mind that there was no fresh news about the company that might have contributed to the selloff. However, in this regard, it might be a good idea for investors to keep in mind that back on November 23 it had emerged that the company was working on the development of a new nanometer EDA tool.

The tool in question provides visual advice and helps in the elimination of design rule violations during the course of the construction of an integrated circuit. It was a significant announcement from the company and one that may have come as a source of optimism among investors at the time. Although GBT Technologies stock tanked on Monday, it remains to be seen if it can actually make a recovery over the course of the coming days. Investors could do well to add the stock to their watch lists at this point.

Traders Note

GTCH stock is trading below the 20-Day and 50-Day Moving averages of $0.24 and $0.31. Moreover, the stock is trading below the 200-Day moving average of $0.88. The stock is down 20% over the past month.

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