Medical Marijuana, Inc. (PINK:MJNA) Fails to Breach $.50, Retreats
As we cautioned in our previous article, yesterday Medical Marijuana, Inc. (PINK:MJNA) stumbled upon reaching $0.50 per share. The stock slipped before noon dipping as low as $.41, then after an hour of ups and downs managed to close at $0.437, or a little over 6% down.
After spiking to nearly $.50 per share in just two short days a couple of weeks ago, then crashing after getting too hot too fast, MJNA started a slower, steadier climb over the last few sessions which culminated yesterday. Despite the steadier movement, the stock still couldn’t breach the dividing line of 50 cents and retreated back down.
It’s hard to tell whether yesterday’s dip was caused by short-term investors selling for profit after reaching a perceived ceiling in MJNA‘s price. After price slipped before noon, even heavier volume brought it back up above $.45 per share. Total volume for the day picked up once again at nearly 30 million, possibly helped by people buying the dip to $.41 or about 2.5 million shares.
The current position of MJNA seems to be one of uncertain balance. While the stock seems to have many vocal supporters who believe in the company’s business and the sector’s future, the repeated retreat at the same spot may signal some difficulty in going further up.
MJNA released news of more media coverage gained by their own Dixie Elixirs, this time covered by Fast Company dot com, a business news portal with a very respectable Alexa ranking. Where the company stock is headed remains to be seen. MJNA is expected to release guidance numbers and those could get the more excitable traders buzzing once more.
Other sector-related stocks were more volatile yesterday, MediSwipe, Inc. (PINK:MWIP) closing 14% down and GreenGro Technologies, Inc. (PINK:GRNH) wiping most gains made over the previous session and closing 11% down.
