It is almost certain that investors are going to be focussed on the FOMO Corp (OTCMKTS:FOMC) this morning in light of the sort of gains that it has generated in recent days. The remarkable rally in the stock continued yesterday as the stock ended the day with gains of as much as 67%.
On Thursday, FOMC stock soared 66.67% to $0.0015 with 574.54 million shares, compared to its average volume of 94.32 million shares. The stock moved within a range of $0.0009 – 0.0017 after opening trading at $0.0010.
However, it is perhaps more important to keep in mind that the rally on Thursday took the gains made over the course of the past week to a staggering 200%. The stock actually rallied yesterday after the company announced that it had decided to cancel its plans to go for the proposed reverse split of its stock.
The announcement with regards to the reverse split had been announced back on February 1 this year. The cancellation seemed to have come as a source of major optimism for investors and that resulted in the almighty rally yesterday.
In this context, it is also necessary to point out that FOMO Corp also announced yesterday that it was looking to uplist its stock to a bigger exchange eventually. That was another important announcement and it may be a good idea for investors to keep an eye on it.
FOMC stock is trading above the 20-Day and 50-Day Moving averages of $0.0009 and $0.000+ respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0025.