Micro Finance Corp (OTCMKTS:MGHCF) Stock Went Up 24% Last Week: Here is Why

Last week, the Micro Finance Corp (OTCMKTS:MGHCF) stock emerged as one of the notable gainers and ended up clocking gains of as much as 24% for the period. The gains made by the stock were notable and as it happens, the company also made a key announcement on Friday.

Market Action

On Friday, MGHCF stock ended up by 0.32% to $4.0619 with 1.9k shares, compared to its average volume of 15k shares. The stock has moved within a range of $0.0550 – 0.0619 after opening trade at $0.0550.

Minco Capital Announces Management Change

The company announced at the time that it had appointed its Chief Financial Officer Melinda Hsu as its corporate secretary. The appointment from Micro Finance Corp went into effect on December 10, 2021. The appointment seems to have come as a source of optimism for many investors and it now remains to be seen if the Micro Finance Corp can continue to add to its gains this week.

However, that was not the only update that had been announced by Micro Finance Corp on Friday. The company also announced that its Vice President of Corporate Affairs and the Corporate Secretary, Jennifer Tevitt, had resigned from her positions. At this point in time, it may be a good idea for investors to perhaps add the stock to their watch lists and watch out for the movement this week. The bullish sentiments about the Micro Finance Corp may attract more investors.

Traders Note

MGHCF stock is trading above the 50-Day and 20-Day Moving averages of $0.0594 and $0.0587. Moreover, the stock is trading is the neutral zone with RSI stands at 53.

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