It looks like a move up from this descending triangle has started. The fall from the high at 30 cents has been fairly steady, but a climb back from a 50% drop isn't unheard of...
I got the following from their MD&A at their web site: "Management realizes that the current liquidity and capital on hands are not sufficient to develop the Company into a viable business. In order to improve the working capital, the Company may further raise capital in the future to finance the Company’s operations through equity or debt financing, including related party loan, or through other arrangements including but not limited to joint venturing."
That's not very encouraging, but "the market" seems to want to buy into pot stocks, and those are likely to see a surge when Canada legalizes cannabis in 5 or 6 months as expected now. Look, I know every stock is a gamble to a greater or lesser degree and timing is the key, right? Average volume is currently about 220k per day, so I think there may be enough liquidity to be able to get in, make a buck and get out fast if necessary. Any thoughts? It'd be great if some of you more experienced traders shared your wisdom!
I like the volume on the breakout candle. I dont trade penny stocks though so not sure what it might do.
germac
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@anthonylarro, Many thanks for the observation Anthony! It's made me realize that I should do a little research into what basic differences there are between penny stocks and 'normal' stocks.
anthonylarro
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@germac, Couldnt tell you too much, what i think may happen is it could make a huge run very quickly and be over in a less than a day though. Very volatile very fast, but it will need a lot of volume to make a real explosive move. Keep an eye on it at the open though it could do something. Ross Cameron with Warrior trading is the guy I would take a look at to see other penny stocks in this kind of scenario may do.
germac
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@anthonylarro, Excellent, that's very helpful, I'll certainly have a look at Ross Cameron, many thanks! Yesterday I found "Invest In Penny Stocks" by Peter Leeds online, I'll be having a read through that too.