Last Friday, Metals X Limited (OTCMKTS:MLXEF) was in considerable focus among investors and its stock had emerged as one of the major gainers as it ended up with gains of as much as 16%. While the gains made by the stock are likely to bring Metals X to the attention of investors this morning, it should be noted that there was no news about the company on Friday.
Trading Data
On Friday, MLXEF stock moved up 15.91% to $0.3941 with more than 209K shares, compared to its average volume of 91k shares. The stock has moved within a range of $0.3930 – 0.4200 after opening trade at $0.40.
Latest Buzz
Hence, the rally might in fact appear a bit random or speculative to many investors. Back on December 24, 2021 the company made an announcement with regards to spin out and sale of its nickel asset portfolio to NICO Resources Limited.
The whole thing had been completed after the execution of a subscription agreement and a share sale. The company announced that as of December 24, NICO had not been awarded with the conditional admission letter by the ASX.
The whole transaction can be settled and completed once that letter from the ASX is granted to NICO. It now remains to be seen if the Metals X stock continued to be on the radars of investors over the course of the coming days or not.
Technical Data
MLXEF stock is trading above the 20-Day and 50-Day Moving averages of $0.33 and $0.31 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.23. The stock is up 41% in the past month.
