Let’s take a quick bird’s eye view of Reliance Global Group RELI and why RELI is up over 200% in less than two weeks. Before we get started, let’s go over the particulars.
Company Name: Reliance Global Group
Exchange: NASDAQWebsite: https://www.relianceglobalgroup.com/
Reliance Global Group Company Summary:
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model.
Also, Reliance Global Group’s growth strategy includes both an organic expansion as well as acquiring well managed, undervalued and cash flow positive insurance agencies.
Why did it go up over 200%?
Reliance Global Group RELI announced a private placement of preferred stock, common stock and warrants for gross proceeds of $20.0 million before deducting the placement agent’s fees and other estimated offering expenses.
The offering is expected to close on or around December 27, 2021.
Reliance Global Group RELI 1 Day Chart:
RELI technical analysis
I expect it to consolidate in between $6.13 & $6.36 before the next move. I’m feeling good about this stock and believe with the big news and the overall bullish trend in the 5 day and 1 day that it is a stock to watch carefully!
If the stock falls below $6.13, that is an indicator of a pullback so be careful!