Cannagistics Inc (OTCMKTS:CNGT) Stock Consolidates After Massive Rally

If there is one stocks that most investors are going to be looking into at this point then it is that of Cannagistics Inc (OTCMKTS:CNGT). The company’s stock has been one of the biggest movers in the market over the course of the past week and has managed clock gains of a staggering 700% during the course of that period.

Market Action

On Monday, CNGT stock moved down 1.63% to $0.0121 with 43.99 million shares, compared to its average volume of 13.43 million shares. The stock has moved within a range of $0.0102 – 0.0170 after opening trade at $0.0133.

Cannagistics Inc., Updates Product Line

In this situation, it might be a good time for investors to take a closer look at the latest developments in relation to Cannagistics. Yesterday, it emerged that the company was on the verge of beginning its promotion and marketing campaigns for its new line of products that are going to be rolled out in the first quarter of 2022.

In this context, it should also be noted that Cannagistics has also appointed Jim Morrison as the new President and Chief Executive Officer. It should be noted that prior to that, Morrison had als been appointed as the Chairman of the Board of Directors at Cannagistics. Morrison is a seasoned executive and had been the President of the cosmetics giant L’Oreal for just a year short of a decade. It will be interesting to see if the Cannagistics stock can maintain its momentum.

Key Quote

Jim Morrison, President/CEO, stated, “I am extremely excited to bring these groundbreaking products to the market. My experience and background, along with the years of contacts, allow me to capitalize on the relationships developed over the years to assist the Company.”

Traders Note

CNGT stock is trading above the 20-Day and 50-Day Moving averages of $0.0054 and $0.0046 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 79.

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