Magic Empire Global Limited [MEGL] moved up 115.69: Why It’s Important

Magic Empire Global Limited [NASDAQ: MEGL] closed the trading session at $17.73 on 08/15/22. The day’s price range saw the stock hit a low of $9.25, while the highest price level was $18.49. The company report on August 10, 2022 that Magic Empire Global Limited Announced Closing of Initial Public Offering.

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Magic Empire Global Limited (Nasdaq: MEGL) (the “Company” or “Magic Empire”), a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services, today announced the closing of its initial public offering (the “Offering”) of 5,000,000 ordinary shares at a price of $4.00 per share.

The aggregate gross proceeds from the Offering were $20 million, before deducting underwriting discounts and other related expenses. The ordinary shares began trading on The Nasdaq Capital Market on August 5, 2022 under the ticker symbol “MEGL.”.

If compared to the average trading volume of 6.37M shares, MEGL reached to a volume of 74761940 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Magic Empire Global Limited [MEGL]:

The Average True Range (ATR) for Magic Empire Global Limited is set at 67.80, with the Price to Sales ratio for MEGL stock in the period of the last 12 months amounting to 21.12. The Price to Book ratio for the last quarter was 48.31.

MEGL stock trade performance evaluation

Magic Empire Global Limited [MEGL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -84.85.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The present Moving Average recorded at 12.29 for the last single week of trading.


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