Foothills Exploration Inc (OTCMKTS:FTXP) Stock Sees Heavy Selling Pressure: Here is Why

On Tuesday, Foothills Exploration Inc (OTCMKTS:FTXP) did not have a good time in the capital markets as its stock went into a remarkable downward spiral and ended the day with a decline of as much as 25%.

Market Stats

On Tuesday, FTXP stock slumped 23.53% at $0.0013 with more than 583.12 million shares, compared to its average volume of 235.70 million shares. The stock has moved within a range of $0.0012 – 0.0018 after opening trading at $0.0018.

Provides Wind River Basin And Corporate Update

The company which is involved in oil and gas exploration as well as development came into sharp focus yesterday after it provided a corporate update. In light of the decline in the stock yesterday, it may be a good time for investors to take a closer look into the update in question. Foothill Exploration announced that it had completed the  acquisition of 2500 acres of additional land at its Wind River Project.

It was a significant update from the company considering the fact that the latest land acquisition took the total size of the project area to a staggering 18887 acres.

While it was a significant development for the company, the news did not come as a positive for many investors and the Foothills stock suffered from a sharp decline as a consequence. However, the company is undeterred in its commitment to acquire more land in the property and raise its acreage position in the future.

Traders Corner

FTXP stock is trading above the 20-Day and 50-Day Moving averages of $0.0012 and $0.0012 respectively. However, the stock is trading below the 200-Day moving average of $0.0023. The stock is up 30% in the past week.