After moving north on the chart for four consecutive trading sessions, on September 14 Eventure Interactive Inc (OTCBB:EVTI) lost its positive momentum. The stock witnessed a turbulent trading session but still managed to close at $0.0031. Going by the recent recovery, the investors are expecting the stock to resume its momentum towards higher price range. In last trading session, the stock managed to make an up move and surged more than 3% to close the week at $0.00310.
Back in May 2015 Eventure stock price moved in narrow range of between 11 cents and 12 cents per share. As investors might have noticed already the stock is trading deep into the double-zero range. This indicates that in a couple of months, Eventure stock eroded nearly 97% of its market value. The primary reason behind the sharp decline could be the crushing dilution of EVTI common stock.
At the end of last year, Eventure reported million outstanding shares, and in a matter of less than five months, in May, that count jumped to 61 million outstanding shares. It is an increase of 144%, which is quite disturbing even by itself in light of what happened in last two months. In July and August through the conversions of debt Eventure released 237 million shares for $0.0022. As of August 19, 2015, the count of outstanding shares has reached to 304.7 million.
As of June 30, 2015 Eventure reported more than $1.1 million in convertible notes with additional $365,000 worth of convertible notes being offered in July. It is true that the company took some measures to control the debt structure with retirement of nearly $550,000 in convertible debt in August.
Eventure Interactive Inc (OTCBB:EVTI) formed the same pattern of Star Doji for the second consecutive day even as it ended the last session of the week with a small gain of 3.33%. The bullish implication of the gap up open was partially offset at least when the final closing price took place at exactly the same level, denoting indecision on the part of the investors. The stock has just recently marked a series of higher highs and higher lows but the area around $0.0025 must be held t protect the recent gains. The rise in the volume in the last 2 weeks may favor the bulls.