Minerco Resources, Inc. (OTCMKTS:MINE) Slows Its Roll
The explosive Monday run of Minerco Resoursec, Inc. (OTCMKTS:MINE) that propelled the share price 92% up slowed down significantly in yesterday’s session. The ticker sailed another 17% in the green but intra-day swings were quite wild. Volume increased even further, clocking at 436 million shares changing hands.
In our previous article on MINE we examined the peculiar timing of the jump and the fact that the company still has to show a single dollar of revenues generated by its product lines of energy drinks. Even though the last available quarterly covers a period in which the drinks should have been on sale in multiple stores for at least a month, the report itself listed no revenues.
Instead of its due quarterly for the period ended Jan 31, 2014, this Monday MINE published a notification of late filing, extending the deadline for the report with another 15 calendar days. This sort of development, happening exactly at a point when the company was accumulating volume and picking up in price, raises a couple of extra red flags. If the revenue figures in the due report are found lacking or are missing altogether, MINE may find itself on the fast track to double-zero land once again.
Over yesterday’s session the stock’s RSI indicator broke above 90. The exact same thing happened to TerraTech Corp. (OTCMKTS:TRTC) a few days ago and just like MINE, TRTC displayed heavy intraday volatility over the session that preceded a drop. Yesterday MINE traded with a gap of nearly 50% of its opening price between the high and low price for the session.
Minecro was one of the few non-pot tickers that managed to squeeze into the top 10 most heavily trade OTC stocks for the last session. Among the biggest movers were Growlife, Inc. (OTCBB:PHOT), who reversed and dropped nearly 12%. Conversely, mCig, Inc. (OTCBB:MCIG) picked up the pace and closed 17% up yesterday.
