A stock rallying without any material news is not an uncommon occurrence in the markets but it can get a bit confusing for investors. Such an occurrence was seen in the Global Fiber Technologies Inc (OTCMKTS:GFTX) stock this past Friday.
Market Action:
On Friday, GFTX stock rose 42.50% at $0.0057 with more than 58.74 million shares, compared to its average volume of 9.65 million shares. The stock has moved within a range of $0.0033 – 0.0061 after opening the trade at $0.0038.
Recent Development
The Global Fiber stock generated gains of as much as 42% on Friday and it is likely that the stock is going to come into focus among investors today in light of such considerable gains. There has been no news at all about the company in many months and the last time it was in the news was back in May this year.
At the time, it was revealed that its subsidiary company Authentic Heroes Inc had inked an agreement with the company Maxx Management LLC. As per the provisions of the agreement, Maxx Management was going to be responsible for platforming the proposition from Authentic Heroes to its clients.
Maxx Management boasts of a large client list and the proposition was going to be presented to clients involved in the entertainment as well as sports industries. While it was a significant development, it is hard to see how it could have influenced the rally in the stock on Friday.
Technical Data
GFTX stock is trading above the 20-Day and 50-Day Moving averages of $0.0030 and $0.0023 respectively. Moreover, the stock is trading above 200-Day moving average of $0.0050. The stock is up 42% in the past month.
