Yesterday’s session of Augme Technologies Inc. (OTC:AUGT) was ruled by the red. The company declined 9.58% on a higher than the daily average volume.
With this move AUGT broke below the support which was kept throughout the whole September and ended at $2.83 per share yesterday.
The short activity was relatively low according to the data from the official FINRA website. Nearly 60 thousand shares took part in the short volume for the day.
Along with the price slump, the MACD indicator and the short-term moving averages both made bearish crosses. In fact, last session was just a continuation of a series of declines which started when AUGT broke below the 50-MA on Wednesday last week.[BANNER]
Yesterday, the market was also provided with an information that AUGT was going to make a presentation at the Craig-Hallum 2nd Annual Alpha Select Conference on Thursday. However, the announcement which came in the form of a press release published on the OTC Markets bulletin board did not produce a positive effect on the stock’s performance for the day.
Market participants will probably focus on how long AUGT will remain under the influence of the bearish technical set up in the next couple of days. The last session also showed that the high volatility that has been accompanying the stock for several months now is far from over.
