Indo Global Exchanges Pte Ltd (OTC:IGEX) is one of the newly revived OTC companies emerging after the SEC deadline to experience the OTC’s burst of volume in the aftermath. The stock recently skyrocketed, increasing 153% over one week and is currently trading at $0.0115, making it possibly one of the penny stocks to buy in 2021.
As it stands, IGEX has no operations or affiliated companies as its main focus is on potential mergers and acquisitions. The company is an attractive candidate because it has no debt or convertible notes. However, the company’s best asset is clearly its new consultant – Caren D. Currier. Well-known in the OTC market world, Currier is a classic merger consultant whose work routinely produces great results for shareholders. In addition to handling IGEX, Currier has positively contributed to custodianship plays for companies like King Resources Inc. (KRFG), Kat Exploration Inc. (KATX), Novation Holdings Inc. (NOHO), and International Star, Inc. (ILST).
IGEX has 6.5 billion authorized shares of which 4 billion are outstanding. The company has a relatively low float of 900 million which contributed to the stock’s runup this week. On Thursday alone, over 400 million shares were traded in the excitement. But investors are likely bullish due to speculation that IGEX’s merger will be related lithium – an incredibly valuable mineral.
In August, IGEX updated its Products and Services description to include a focus on the acquisition and exploration of mineral properties, many investors jumped onto the momentum fueled bandwagon of lithium speculation. While the company could certainly have something planned for pursuing minerals in Nevada – home to the only operating lithium mine in the USA – the company has not confirmed its relation to lithium and the company’s OTC profile has since been changed.
But investors are interpreting the runup as a sign of things to come. If a merger candidate is already in sight for IGEX, the stock will spike, lithium or not – making it possibly one of the best penny stocks to buy in 2021.
Looks like @stockballa knows what’s in store for IGEX
Having surpassed its $.096 resistance formed in August, IGEX shot up and is currently trading at $0.0113, with an immediate resistance line at .0121. The first support line is at .0099, with a secondary support at .0099. Accumulation shot up but is dipping after the RSI hit 90 and corrected to 63. At the moment, the MACD appears to be on the verge of a bearish crossover.
Should You Buy?
Runups like this are not uncommon as anticipation builds for merger news. With Caren Currier on board, investors are very confident of a merger and the recent price action is widely interpreted as a sign of oncoming news. Although IGEX could keep running, its important to take profits on the way up and not chase. But overall, merger news is likely coming in a matter of time which could push the PPS well past its $.012 resistance to $.025.
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