While many fans of marijuana stocks are pointing towards an upward move, i am sure that this stock has reached it's peak for a long time now. The chart shows a lot of stagnation and resistance near 0.70 and the stock could dip lower anytime now.
Many factors point towards a red flag:
1) This company is based overseas, and conducts research overseas, meaning there are very few ways to monitor their progress when it comes to their claims.
2) This is still a pennystock, while some might be tempted to take risks, the slightest mistake by the company will cause investors to lose all their money, rapidly.
3) If the pharmaceutical research fails, the owners could dump their shares knowing they cannot profit further from this venture, causing investors to lose their money.
4) The only product they got going for them is a skin cream, and this has very little impact of the market as it is.
I see people pumping thousands into this stock hoping for an easy pay day, don't do it. Wait until it dips and take the risk on a smaller scale, if it goes up, average up and rack in the money. Is this a pump and dump ? Judging from the company's audited statements, probably not, however they are walking on thin ice here, so don't jump into the hype.
Many factors point towards a red flag:
1) This company is based overseas, and conducts research overseas, meaning there are very few ways to monitor their progress when it comes to their claims.
2) This is still a pennystock, while some might be tempted to take risks, the slightest mistake by the company will cause investors to lose all their money, rapidly.
3) If the pharmaceutical research fails, the owners could dump their shares knowing they cannot profit further from this venture, causing investors to lose their money.
4) The only product they got going for them is a skin cream, and this has very little impact of the market as it is.
I see people pumping thousands into this stock hoping for an easy pay day, don't do it. Wait until it dips and take the risk on a smaller scale, if it goes up, average up and rack in the money. Is this a pump and dump ? Judging from the company's audited statements, probably not, however they are walking on thin ice here, so don't jump into the hype.
Trade active:
After a conference hangout today, the stock became very volatile and investors started making good gains. This is good news for people holding this stock.
So what now ?
I would expect a lot of sellers on tuesday, since the people who got in for short term profit will want to secure their funds. On a long term scale, i could see this stock having a potential to go up even further. However, tread carefully, march is a big month for OWCP and the research results will decide wether this stock is destined to be a pennystock for ever or a money tree for investors who got in early. We shall see how this develops.
My early position on this stock was accompanied with skepticism (And a lot of criticism from the fans of the company), but after the stock broke the 0.80 barrier, i believe it has the potential to defy the odds and go past 1.00$ before late march.
I will investigate further on the company and post updates for the investors if i find any relevant intel that could indicate a rise or decrease of the stock price.
Hold your position as it is, do not sell, do not buy more.
PS: To the self-righteous pseudo-traders out here resorting to insults on every single idea different than theirs instead of justifying their position, grow up and go back to reddit's wallstreetbets.
iBankBro
So what now ?
I would expect a lot of sellers on tuesday, since the people who got in for short term profit will want to secure their funds. On a long term scale, i could see this stock having a potential to go up even further. However, tread carefully, march is a big month for OWCP and the research results will decide wether this stock is destined to be a pennystock for ever or a money tree for investors who got in early. We shall see how this develops.
My early position on this stock was accompanied with skepticism (And a lot of criticism from the fans of the company), but after the stock broke the 0.80 barrier, i believe it has the potential to defy the odds and go past 1.00$ before late march.
I will investigate further on the company and post updates for the investors if i find any relevant intel that could indicate a rise or decrease of the stock price.
Hold your position as it is, do not sell, do not buy more.
PS: To the self-righteous pseudo-traders out here resorting to insults on every single idea different than theirs instead of justifying their position, grow up and go back to reddit's wallstreetbets.
iBankBro