Over the course of the past month the Majic Wheels Inc (OTCMKTS:MJWL) stock has been in the middle of a strong rally but the past week was as exception as the stock corrected sharply and went down by as much as 25%.
Despite that, it should not be forgotten that the Majic Wheels stock is actually up by as much as 75% over the course of the past month. There has been no fresh news about the company that might have led to this correction over the past week but it might be a good move to look at a development from back on June 30.
At the time, the company announced that it completed the acquisition of the Calfin Global Crypto Exchange. It is a major new development for Majic Wheels considering the fact that the company seeks to become a major player in the financial technology and software development industries. The Chief Executive Officer of the company David Chong also noted that the company had worked hard over several months in order to submit its filings, settling its liabilities and then becoming current. That was also a landmark movement for Majiv Wheels, according to Chong.
Market Reaction:
On Tuesday, MJWL stock fell 10.50% at $0.1729 with more than 23.80 million shares, compared to its average volume of 62.60 million shares. The stock had moved within a range of $ 0.1620 – 0.2004 after opening the trade at $0.20. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.2650.
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