Growlife, Inc. (OTCBB:PHOT) With a Good Start of The Week
After the incredibly successful trade session in Friday for the medical marijuana stocks of Growlife, Inc. (OTCBB:PHOT) and Medical Marijuana Inc. (OTCMKTS:MJNA), both companies started off the week with great success, as they gained quite a lot in price and were traded in above average volumes.
There is a great resemblence in the way that Friday’s and yesterday’s trade session went for both MJNA and PHOT. Not only did they rise in price, but the volumes between the two trade sessions didn’t differ much, which is quite a coincidence. The thing that was different was the fact that PHOT are actively promoting their stock with press releases and were pumped in the beginning of the month.
Even though we can’t say the promotional campaign led by Speculating Stocks at the moment did much to increase the interest in PHOT‘s stock, that doesn’t mean that we don’t view the pump badly. Maybe the only thing that we can consider as a consequence of the July 6 email was the fact that in the next days PHOT‘s stock managed to keep level in preparation for its rapid ascent.
After the great session in Friday when the company’s stock jumped in price on 3 times their average volume, yesterday the ticker added another 17.14% to its value with a total of 12.4 million traded shares. The increase in price combined with the high volume of traded stock helped generate a trade value of $489 thousand, which is the highest for the last 2 months.
The session started with a massive amount of traded stock in the first hour, but just like it happened with MJNA that didn’t bring the price down. The biggest increase in the day was at the finish line when the stock’s price managed to go above the $0.040 mark, peaked at $0.042 and closed the session with a price of $0.041.
Overall, considering the fact that there are good news coming out every day we don’t see any problem for the ticker to continue in an upward direction. That, however, can’t be certain, because we are sure that there are some people who have bought stock to make a quick profit, as it is the usual case in the OTC Markets. Even though the volumes of traded stock at the moment are above their average and they are still going up, the possibility of a dumping fiasco remains.
This is why we advise you to do your due diligence and weigh out the risks if you have decided to invest in PHOT, no matter if you want to make a short or long-term bet. After all, the medical marijuana business is highly conroversial and risky not only for people investing in such companies, but for everyone involved.
On the other hand some of you migh be interested at buying in the low of Xumanii, Inc. (OTCMKTS:XUII), who are in a long period of decline. However, having in mind that they were dropping like mad even while being pumped makes one wonder if they are ever going to go back up or just continue going down until they hit rock bottom. They closed yesterday’s trade session with a 36% loss in price at $0.065.
