The beginning of a trading week means that investors would need to look into stocks that may have been in the news on Friday and by that token, it may be a good move to possibly take a look at Global PoleTrusion Group Corp (OTCMKTS:GPGC).
Market Action
On Friday, GPGC stock ended flat at $0.0500 with 10K shares, compared to its average volume of 18K shares. The stock moved within a range of $0.0500 – 0.0500 after opening trade at $0.0500.
Global Poletrusion Group Corp. Announces Partnership For Project In Tanzania
This past Friday it emerged that Global PoleTrusion had got confirmation in writing from Tanzania Electric Supply Company Limited or TANESCO with regards to a new partnership. As per the provisions of the partnership between the two parties, they are going to be involved in the manufacturing of distribution structures and composite poles in this partnership.
The partnership is part of the initiative from the government of Tanzania to boost the availability of materials that are meant for electrification. It should be noted that TANESCO is a long-standing organization and had been established back in 1931, which is why the partnership is an important one for Global PoleTrusion.
At this point in time, it may be a good idea for investors to consider keeping the Global PoleTrusion stock on their watch lists and keep an eye on the price action. It will be interesting to see if the stock can manage to come into focus today.
Key Quote
Ramiro Guerrero, President, and CEO of GPGC adds “This is a great advancement towards our goal to produce distribution poles and transmission towers in Tanzania. This will provide us with the opportunity to set up a manufacturing plant for our products derived from composite materials using pultrusion technology.”
Traders Note
GPGC stock is trading below the 10-Day and 20-Day Moving averages of $0.91 and $1.39 respectively. Moreover, the stock is trading is the oversold zone with RSI stands at 40.
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