Will GTGP keep soaring?
Buenos Dias roachitos,
GTGP (Global Technologies Group, Inc.) made a astronomical move yesterday closing up 71%! This move is due in part to rumored news that is expected to be released early next week. In this press release, news of a new joint venture, the timeline for financials, and future licensing contracts are all rumored to be announced.
The biggest news that may be contained in this release could contain information regarding the pending acquisition by the company. Here’s two tidbits from the November press release:
“ The unnamed company’s revenue is in excess of 20 million dollars annually.”
“ Global, in preparation for this transaction, has brought in a large, well known Investment banking firm to be Global’s financial advisors and, if it meets their criteria, fund the acquisition.”
If GTGP is able to complete this deal, 20 million dollars in revenue is immediately added to their bag. You may ask yourself “what’s with all the hooplah for using an investment banking firm to fund the deal?” Well, what it means is that GTGP will not have to raise capital by sell their shares into the run. This is a big plus for investors and traders alike.
The technicals for this puppy look as tasty as Senorita’s enchiladas on a warm, sunny day. With yesterday’s trading blowing past the 50 SMA and the 200 SMA, GTGP is making bullish strides towards its next heavy resistance between .06 and .08. Support appears to lie at the 200 day SMA valued at .038. This is a low floater with a float estimated under 20 million so it can move quickly in both directions. Keep an eye out for the gap and trap and stay tuned into your level 2s.
With your early bird alert,
Disclosure: This corporate profile is provided for information purposes only and should not be used as the basis for any investment decision. We are neither licensed nor qualified to provide investment advice. We were not paid, nor do we hold a position in this stock. We reserve the right to buy or sell GTGP at any time after this post.
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