After having provided a key update yesterday, Innovative Designs Inc (OTCMKTS:IVDN) saw its stock fall by as much as 7% as investors headed for the exits. While the fall was sharp, it could be a good time now for investors to consider taking a closer look and then figure out if the stock may recover any time soon or not.
Market Action
On Wednesday, IVDN stock slid 6.05% to $0.1779 with 10K shares, compared to its average volume of 13.2K shares. The stock moved within a range of $0.1779 – 0.1849 after opening trade at $0.1849.
Innovative Designs Update to Shareholders
In its press release, Innovative Designs noted that it had been successful in hitting some important milestones over the course of the past few months and those milestones are eventually going to be responsible for the long-term growth of the company.
It was further noted that the presence of such a growth plan is aimed at unlocking more value for the existing shareholders in the company. One of the more important milestones hit by the company not too long ago was in relation to favorable litigation with regards to the marketing of the product Insultex House Wrap.
The litigation had reached its conclusion in the latter period of 2021 and since then the company has been working on ways to launch the product again. Investors could do well to keep an eye on the Innovative Designs stock.
Traders Note
IVDN stock is trading above the 10-Day and 20-Day Moving averages of $0.1978 and $0.1975 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 44.
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