Yesterday, Next 1 Interactive, Inc. (OTC:NXOI) dropped 9% to $0.0122 on a volume of 136 thousand. The session was far less active than usual as the generated volume was five times less than the daily average.
The company’s stock value has declined sharply since the beginning of the month. The way down was accompanied by significantly higher volume. Over the course of a couple of weeks, NXOI found itself falling down from $0.04 to $0.01.
NXOI seems to have found a support level at $0.01, but it is not clear whether the company will be able to maintain it if the selling pressure continues.
Last Friday, NXOI filed an 8-K which revealed that the company has terminated an asset purchase agreement with Omniverse, New Media Buys and Jason DeMeo. The document also showed that NXOI had issued a $250 thousand secured convertible promissory note to an investor whose name was not revealed.
Yesterday, it became clear that the company is going to trade under the promotional effect of an issued newsletter. The promoter who started the campaign after the end of the session is called Sizzling Stock Picks. The campaign had cost $2,500 and was ordered by a third party whose name was not revealed.
With the promotional effect at hand, it is very likely that NXOI generates more volume in the coming session. In this regard, the most important question which concerns investors is: Will the promotion help NXOI bounce off at the $0.01 support?
