If you have followed the CMG Holdings Group Inc (OTCMKTS:CMGO) stock to any extent then you might have noticed that the stock made a strong recovery last Friday. After having gone through a fairly rough period, the CMG Holdings Group stock recovered on Friday and ended the day with gains of as much as 13%.
Trading Data
On Friday, CMGO stock surged 12.68% to $0.0080 with more than 7.14 million shares, compared to its average volume of 2 million shares. The stock has moved within a range of $0.0077 – 0.0090 after opening trade at $0.0084.
CMG Holdings Group Updates Shareholders on Company Activities
However, at the same time, it ought to be noted that the stock is still down by 8% over the past week. However, it might be a good move to take a look at the announcement that might have led to the rally.
The company announced that the Magnetic Vacuum Technology, in which it had made an investment, was on the process of being moved permanently to New Jersey.
The technology is meant for helping with improving the quality of low grade petroleum by removing impurities. It goes without saying that the announcement was a significant and it seems that investors saw it in the same way as well. It is now going to be interesting to see if the CMG Holdings Group stock can manage to hold on to the momentum it gained on Friday and manage to add to its gains this week.
Key Quote
“The new facility is far larger than a site we were considering in northern New Jersey. We can place a greater number of MVU machines in the southern New Jersey site, and it gives us better access and a greater opportunity to be profitable more quickly,” said Glenn B. Laken, CMG Holding Group’s CEO.
Technical Data
CMGO stock is trading below the 20-Day and 50-Day Moving averages of $0.0084 and $0.0092 respectively. Moreover, the stock is below 200-Day moving average of $0.0104.
