August 10, 2022 7:32 a.m. EDT
(24/7 MARKET NEWS) Typically, we like to see active premarket listings, but when they’re foreign based listings, especially from China, it mostly raises red flags.
Pardon the pun, but it seems like certain jurisdictions love to see American investors become bagmen and anyone who bought Magic Empire Global (NASDAQ: MEGL) at nearly $250, just a couple of days ago, is most likely going to have a little more than a write-off.
Even though it’s only traded a few days, we’ve noticed a classic pattern of running up Magic Empire in premarket, only to trade almost exclusively lower throughout the regular session. So, with it trading at $14.98, up $2.66 (+21.59%), on 1.49 million premarket shares traded, it’s probably best to stay away.
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