Medical Marijuana Inc. (OTCMKTS:MJNA) Still Rising on High Volume
There is big interest in medical marijuana stocks since Friday last week when Medical Marijuana Inc. (OTCMKTS:MJNA) and Growlife Inc. (OTCBB:PHOT) exploded. Unlike PHOT, however, MJNA didn’t rely on paid promotional campaigns and press releases to increase investor interest.
After the tremendous performance of MJNA‘s stock in Friday’s trade session they started of the week equally strong and it seems like the ticker is gathering momentum. Yesterday they gapped up from Friday marking a good start of the week with an initial price of $0.1925.
Even though there was quite a lot of stock traded in the first minutes that didn’t stop the price from rising. After things quieted down MJNA‘s price continued to move in a seemingly straight line until the final hour, when it reached its peak for the day of $0.234.
The final price at which they closed was $0.232, or 33.72% up from the 39.92% they gained in Friday. The percentile movement wasn’t the only thing similar between Friday’s and yesterday’s trade sessions.
The volume of traded stock was almost identical as the count of yesterday’s traded shares was 100 thousand less than Friday making the total amount come at 37.3 million. The increase in price also increased the trade value, which was estimated at $7.8 million making MJNA one of the hottest stocks for the day.
Considering there aren’t any press releases and having in mind that they exploded so strong in such a short time we consider MJNA as a risky investment choice. News from the company can move the stock’s price in both ways at this moment so be sure to do a lot of due diligence and weigh out the risks before you jump on this particular stock. After all we shouldn’t forget that the medical marijuana industry is highly controversial and everyone involved are taking a great risk.
On the other hand Xumanii, Inc. (OTCMKTS:XUII) is continuing its descent with a 7th session ending up in the red. They dropped a further 36.36% yesterday on a high volume of 26 million traded shares. The closing price was $0.063 or roughly 90% down from their peak on July 22.
