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Investors are almost always on the lookout for stocks that may have gained momentum and one of the stocks that you could look into this morning is that of Kaival Brands Innovations Group Inc (NASDAQ:KAVL). The stock had gained strong momentum yesterday and it may come onto the radars of many investors today.
Market Action
On Tuesday, KAVL stock was down 0.93% to $1.07 with 86K shares, compared to its average volume of 1.25 million shares. The stock moved within a range of $1.0400 – 1.0800 after opening trade at $1.08.
That being said, it is perhaps also necessary to point out that there has been no news about the company in recent times. However, back in October, the company had enjoyed considerable attention from investors and it may be a repeat of that momentum. The company had been in the news at different times of the year due to the different big-ticket deals that it had tied up.
As a matter of fact, last month, some experts even noted that the gains made by the Kaival Brands stocks in October could also be an indication of bigger gains to come for the stock.
One of the major positive developments for the company has been the fact that it is one of the few companies in the Electronic Nicotine Delivery System space to have escaped a ban from the regulatory authorities. Hence, it would now be possible for the company to play in a market worth in billions of dollars but with fewer competitors.
Many of the small and even some large companies have been eliminated from the market altogether due to the regulatory clampdown.
Hence, it could now be possible for the company could move aggressively in the Electronic Nicotine Delivery System market and take advantage of the market vacuum. The momentum in the stock may or may not be related to these factors but it cannot be denied that in the long this may well be the factor in the continued growth of Kaival Brans as a company.
Traders Note
KAVL stock is trading below the 50-Day and 200-Day Moving averages of $1.14 and $1.15 respectively. However, the stock is trading above the 20-Day moving average of $1.37.
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