In the past few days, the CannLabs Inc (OTCMKTS:CANL) stock has been one of the notable laggards in the market and the trend was not reversed on Tuesday as the stock ended the day with a decline of as much as 19%.
Market Action
On Tuesday, CANL stock slumped 19.50% to $0.0283 with 2K shares, compared to its average volume of 17k shares. The stock has moved within a range of $0.0283 – 0.0360 after opening trade at $0.0360.
CannLabs, Inc’s 2021 Annual General Meeting Announcement
However, in this regard, it should be noted that the selloff yesterday took its decline over the course of the past week to as much as 33%. Yesterday, the company was in the news as well after it made an announcement with regards to the fact that it hosted its Annual General Shareholders Meeting at its headquarters in Houston back on November 15 this year.
In its announcement yesterday, the company noted that at the meeting with shareholders, it had been announced that CannLabs was working on certain actions that would eventually make the company current with the reporting standards of the United States Securities and Exchange Commission.
To that end, the company financial statements are going to be audited by a certified accounting firm. It was a significant announcement from the company considering the fact that once it does get current status the sentiments of investors are also expected to change considerably with regards to its stock.
Traders Note
CANL stock is trading below the 50-Day and 20-Day Moving averages of $0.0411 and $0.0362. Moreover, the stock is trading is the neutral zone with RSI stands at 42.
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