Go Solar USA, Inc. (PINK:GSLO) has been experiencing a relentless decline since April. Trading volume had retracted down to the 90-day average of 1.4 million. However, in terms of dollar volume the company remains relatively more liquid than other penny stocks.
The number of traded shares jumped over 1 million when two days ago the company announced that it shipped solar charger accessories for the Apple iPhone to the winners of GSLO’s online waiting list giveaway. With this step the company believed that it was going to win enough early adopters to make its way on the market segment. [BANNER]
Today, more news came out. Tyson Rhode, CEO of GSLO, said that the company’s white volt solar charger was one the few solar accessories which could match the white iPhone 4. But even with that news at hand the company couldn’t change the market sentiment. On the increased volume, generated by the press releases, GSLO experienced 5% and 12 % declines which were a natural continuation of the formed downtrend.
The downtrend was also supported by technical indicators. The MACD index continued to fall down with histograms additionally enhancing the bearish signal. Moving averages are also in a negative curve which presently forms a resistance which candles fail to penetrate.
On the whole, it seems that GSLO is still experiencing the negative effect of its detrimental financial reports as well as the rumors about machinations standing behind the firm. Moreover, the name of Maurice Stone, which figures as GSLO’s director, reminded me of another case that this entity was involved in – for more details follow this link.
