NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Keeps Sliding

Yesterday’s session brought no relief for shareholders of NanoTech Entertainment, Inc. (OTCMKTS:NTEK). The ticker has been on a bad streak in December, with four red sessions so far. Yesterday’s drop was the sharpest, with NTEK losing 12% and reaching $0.12 at the closing bell.

NTEK opened with a gap down right out of the gates and despite a midday recovery, closed the session nearly two cents below their previous close. The stock has lost nearly 30% over the week. This is all taking place despite yet another optimistic press announcement from the company.

On Tuesday NTEK released a new piece of PR, informing that it has secured a partnership with a Japanese company for the distribution of NanoTech products in Japan. The announcement did nothing for NTEK‘s price movement as the ticker kept sliding on heavy volume yesterday, shifting over 10 million shares.

Shareholder confidence seems a bit shaken and even though there are still many vocal supporters on discussion boards, the ticker has now dropped below the level from which it started its last green run. NTEK, unlike many OTC enterprises, actually turns profit now, even if it’s a modest number. The company’s $3.3 million in revenue for the last reported quarter turned into $79 thousand net profit.

Those with a passion for technical analyst  may note that NTEK has pierced through its 50-day moving average with relative ease and is now two cents below it with no major observable resistance. Where the ticker is going to go from this point on is very difficult to predict as volatility still seems strong.