Although there was no news at all about the company yesterday, the SinglePoint Inc (OTCMKTS:SING) stock was in heavy focus among investors and ended the day with gains of as much as 32%. Stock may often record gains without any news and it may be a case of speculative trading as well.
Trading Data
On Wednesday, SING stock moved up 31.42% to $0.1669 with more than 3.38 million shares, compared to its average volume of 606K shares. The stock moved within a range of $0.1270 – 0.1910 after opening trading at $0.13.
Key Details
Hence, investors need to be careful and take a look at any development that may have had an effect on the rally. The last time SinglePoint was in the news was back on March 22 when the company provided updates with regards to the progress it had made during the course of the first fiscal quarter of 2022.
SinglePoint announced that that it was looking to evolve and expand its acquisition strategy in 2022. To that end, the company is looking to target some acquisition from the solar sector and is looking for companies which are led by driven business owners.
In addition to that, SinglePoint would only target those companies which have been growing their revenues and have managed to create a scalable business. It is unclear if the latest rally in the stock was driven by this update and hence, investors may need to wait for more developments before many any move.
Technical Data
SING stock is trading above the 20-Day and 50-Day Moving averages of $0.12 and $0.11 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.18.
