There has not been any news with regards to Eline Entertainment Group Inc (OTCMKTS:EEGI) for more than two months but this past Friday the stock came into focus among investors nonetheless and ended up with gains of as much as 25%.
Market Reaction
On Friday, EEGI stock soared 25% to $0.0005 with more than 230.44 million shares, compared to its average volume of 53.98 million shares. The stock moved within a range of $0.0003 – 0.0005 after opening trade at $0.0004.
Xtreme Fighting Championships, Inc. and Eline Entertainment Group, Inc. Announce the Launch of XFC LATAM
The last time the company was in the news was back on February 15, when the sports and entertainment production and distribution company announced a collaboration with Xtreme Fighting Championships Inc. As per the provisions of the collaboration, the two companies launched a new entity named Xtreme Fighting Championships Latin America Inc.
The Eline Entertainment Group management were going to be in charge of the new entity. In addition to that, it was also announced at the time that the company was also going to change its own name to Xtreme Fighting Championships Latin America Inc. On the other hand, the company also noted that it was going to change its ticker symbol as well. The new ticker symbol was supposed to be XFCL. However, at the same time, it is unclear if the latest rally in the stock has been influenced by that particular piece of news. It will be interesting to see if the stock can actually add to its gains today.
Traders Review
EEGI stock is trading below 20-Day and 50-Day Moving averages of $0.0005 and $0.0007 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0016.
