New Momentum Corporation (OTCMKTS:NNAX) Stock On Radar After Recent Development

One of the companies that had come into focus in a big way among investors yesterday was New Momentum Corporation (OTCMKTS:NNAX) following a major announcement. The stock was in action as well and had ended up with gains of as much as 6% amidst significant action.

Trading Data

On Monday, NNAX stock increased 5.59% to $0.0170 with 1.50K shares, compared to its average volume 719.59K shares. The stock moved within a range of $0.0170 – 0.0170 after opening trade at $0.0170.

New Momentum Corporation Appoints Baker Mckenzie Being The Legal Counsel For €1.5 Billion Tourism Investment Projects In The Pacific ISL

In light of such gains, it might be the right time for investors to take a look at the announcement a bit more closely. New Momentum announced yesterday that it had appointed a new legal counsel in the form of the law firm Baker McKenzie for its fully owned subsidiary unit Beyond Blue Limited. It was a major new announcement since Beyond Blue is going to embark on some massive tourism investment projects.

The tourism investment projects are expected to be worth as much as 1.5 billion Euros and are going to be in the Pacific Islands. The investments are going to involve the development of resorts, marina and golf course. In this regard, it should be noted that Baker McKenzie is a global law firm that had been founded in 1949 and is based out of Chicago, Illinois. In addition to that, the company boasts of a presence in as many as 46 nations at this point.

Technical Data

NNAX stock is trading below the 20-Day and 50-Day Moving averages of $0.0372 and $0.0339 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0246.