Majic Wheels Corp (MJWL) Stock Soared 70% Last Week: How To Trade This Week?
The Majic Wheels Corp (OTCMKTS:MJWL) stock emerged as one of the major gainers last week as it soared by as much as 70% amidst heavy interest from investors.
The company is trying to become a major player in the software development and financial technology industries. In order to accomplish that, the company is focussed on making acquisitions. Last week, Magic Wheels was in the news after the company announced that it completed the acquisition of Calfin Global Crypto Exchange. The terms of the acquisition were finalised after Majic Wheels became current following the completion of the last terms with regards to tis restructuring.
The Chief Executive Officer of the company, David Chong, spoke about the efforts that had been put in by Majic Wheels in order to complete the acquisition. Chong stated that people at the company worked around the clock for many months in order to make sure that the company got its current status.
He went on to state that it is a major milestone for the company and at this point in time, Majic Wheels is involved with the task of taking care of some of some of its previous liabilities. It remains to be seen if the stock can continue to rally this week.
Market Reaction:
On Friday, MJWL stock went up 5.65% at $0.2547 with more than 26.47 million shares, compared to its average volume of 58.72 million shares. The stock had moved within a range of $0.2121 – 0.2548 after opening the trade at $0.2391. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.2630.
