Agrieuro Corp (OTCBB:EURI) was a massive decliner during Monday’s trading session declining by 30% on above average volumes, which were 1.3 times the average turnover. The stock has come under massive selling pressure over the last few trading session after it was unable to breach the resistance level at $2.09. Agrieuro Corp is currently seen taking support at its 50 day moving average.Momentum indicators clearly suggest that bears have the upper hand at the current moment, which is a negative. Traders believe that if the stock breaks below $0.63, it could head to levels of $0.40 in the near term.
After Agrieuro Corp (OTCBB:EURI) had expressed its interest in building an all-inclusive resort, it reported another development in this direction. The company said that it has engaged Tehnomontaj, a renowned construction firms in Romania so as to initiate the development of the project.
Under the terms of the engagement, Tehnomontaj will conduct a geotechnological study and will lay out the 2D design for the location. Such design will include the preliminary layout of the holiday cabins spread across 5-acre land. Also, the existing property will be completely designed using the company’s solar panels and reed roofs. The company stated that it intends to build the green cabins, which are energy-efficient and will blend with the surrounding nature.
Once the design of the cabins is concluded, Agrieuro Corp (OTCBB:EURI) will proceed with the design and development across the Black Sea Shore. The project will include construction of hotel and spa where tourists can enjoy a premium beach experience. Further, the company plans to connect the areas with 5 Km Promenade, a stretch meant for walking, bicycling or just moving around. In the process, the company said that it is committed to abiding by all the rules of conversation as laid down by UNESCO World Heritage Site.
More about the resort
Earlier, the company had stated that it will build one of the largest resort on the Black Sea, which will have a capacity of 620 accommodations. A complex consisting of four building will accommodate 120 rooms while a holiday lake house will host nearly 500 accommodations. Along side this, the company also plans to create a recreational area, which will include activities such as fishing, hunting, bird watching and water sports.
The update has cheered the investors, who seemed to be looking forward to hearing some progress on the company’s resort plans. Resultantly, the stock price of Agrieuro Corp (OTCBB:EURI) surged by 10.08% during the after-hours to $0.688.