Go Solar USA, Inc. (PINK:GSLO) could potentially break down as the price has indecisively closed below the $0.40 support level and the increase in trading volume has been favoring the downside recently.The stock is cooling down from the overbought position and with the break of this strong support level it is one step away from price free fall. Any news could potentially void this outcome, as the breakdown that is supposedly happening already is slow and sloppy, despite the prevailing downtrend in the recent couple of months.[BANNER]
The Pink Sheets listed GSLO is not in the best financial shape, thus the price cannot hold up for extended periods without news. The company’s deal with a Chinese manufacturer Yosion is not moving any further in terms of financial or material developments. Go Solar should be making five thousand dollar in monthly payments to Yosion in order to fully secure the distribution rights contract. However, no notice on the payments, nor additional capital acquisition have been made so far.
According to other news, overlooked or rather discarded as not meaningful by traders, a prototype of the company’s other product in development – a device to wirelessly charge portable electronics, has been recently manufactured. This achievement doesn’t seem to have added any value to the stock. The device developed by a subsidiary of GSLO is mainly focused on iPhone and iPad users.
