In the past few days, the Starfleet Innotech Inc (OTCMKTS:SFIO) stock has been in the middle of a strong downward spiral and the trend remained the same on Thursday as the stock tanked by another 7% amidst a selloff.
Market Action
On Thursday, SFIO stock fell 6.41% to $0.0365 with 1.57 million share, compared to its average volume of 1.53 million shares. The stock has moved within a range of $0.0317 – 0.0398 after opening trade at $0.0395.
Closes $5-M Series of Global Distribution Partnerships
The decline in the stock on Thursday took its decline for the past week to as much as 17%. That being said, it is also important for investors to perhaps work out if the current decline in the stock could in fact be an opportunity or not. In this context, it may be a good idea to remember that in November, the company had gone into a partnership with Annapolis Co, which is a food ingredients supplying company.
As per the provisions of the partnership, Starfleet Innotech was granted distribution rights for a range of products which are produced by Annapolis under its brand LongBeach, the premium beverage solutions brand.
It was the latest in a long line of partnerships that had been signed by Starfleet Innotech. It should be noted that prior to this Annapolis had signed an agreement of a similar nature with Gorgeous Coffee Co, which is a subsidiary of Starfleet Innotech based out of New Zealand.
Traders Note
SFIO stock is trading below the 10-Day and 20-Day Moving averages of $0.0410 and $0.0468. Moreover, the stock is trading is the neutral zone with RSI stands at 36. Key pivot point is $0.0360.
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