This morning many investors are expected to be looking into the Code Green Apparel Corp (OTCMKTS:CGAC) stock quite keenly after it managed to clock gains of as much as 78% on Monday. It is going to be interesting to see if the stock can manage to continue to add to its gains today or if there is any kind of drop owing to profit booking.
Trading Data
On Monday, CGAC stock gained 77.78% to $0.0008 with more than 618 million shares, compared to its average volume of 44.56 million shares. The stock moved within a range of $0.0005 – 0.0009 after opening trade at $0.0006.
Code Green Apparel Announces That They have signed an LOI to enter a Management Contract with DB Management, LLC
The company was in the news yesterday after it announced that it had managed to ink a letter of intent with DB Asset Management LLC with regards to a management contract. The company is specifically involved in fashion designing and manufacturing textiles in a sustainable manner.
The management of Code Green Apparel noted that the management contract with DB Asset Management LLC is going to start generating revenues within 120 days or earlier. That was a significant announcement and one that may have led to the sort of excitement among investors which led to the remarkable rally yesterday.
DB Asset Management has managed to develop a platform that can separate value from ownership. As a result, it is possible to bring liquidity to asset classes which may have been illiquid historically.
Technical Data
CGAC stock is trading above the 20-Day and 50-Day Moving averages of $0.0005 and $0.0006 respectively. However, the stock is trading below the 200-Day moving average of $0.0009.
