LONDON, June 3, 2014 /PRNewswire/ --
The medical marijuana space continues to be an area of attraction for many traders especially within the confinements of OTC trading and the small cap world. Traders realize that a handful of these stocks could be around for a long time and be up listed to higher exchanges once banking laws and distribution is fine tuned in the business. The focus is on that group as we look at five companies in the marijuana micro-cap space that could have the potential to break out of their current range based on recent news and trading patterns.
MedBox (OTCBB: MDBX) has been one of the high flying stocks this year and with shares trading just under $20.00 they may have some short term trading value with shares pulling back to the $19.00 range over the last week. The company had moved up to the $22.00 range at the back end of last week and it looks like shares could bounce back to that resistance point for a short term gain of around 15%. MedBox has released plenty of positive news over the last trading week and closed in the green ahead of the open today.
Tranzbyte Corp (OTCBB: ERBB) looks quite strong technically after closing above the support level yesterday although lower by 3%. Shares were higher earlier in the day and closed just below $0.03. Traders are looking for this stock to get above $0.035 to stand a chance of moving back to its recent high of $0.056. After appointing a new president just last week in Stephen Shearin hat could be the fundamental change investors are looking for and shares moved off the low based on this news.
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The upside rally continued in shares of Right Smile (OTCBB: RIGH) as that company closed higher by 22% kick off the trading week. Right Smile has been in a firm uptrend since May 28th when the stock started climbing from a recent low. The volume was more than 50 million shares and the closing price was close to the trading high of the day. If the opening is strong today there is a good chance we could see this stock head higher in the morning session.
Cannavest Corp (OTCBB: CANV) closed lower on the day but had a positive days trading earlier in the session with shares hitting an intra-day high of $17.30. Traders will be looking for a break of that high to the upside in today's market trading as the stock looks to get back to its most recent trading high of $28.60. There seems to be good support for the stock in the $16.00 range and with the potential of positive news to come out of the company it could turn out to be a reasonable entry point.
Rapid Fire Marketing (OTCBB: RFMK) was another sub-penny name that looks like it could break out of its current trend after climbing from a recent low for the stock on May 22nd. Although shares closed slightly lower on the day if they can get through $0.0025 in the trading day today then we could see more volume come into Rapid Fire. The average volume is more than 80 million shares with around 9 million exchanging hands yesterday.
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SOURCE AMG Global Advisors Ltd