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MCOA: Marijuana Stock Bouncing Off Support

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Daily Technical Penny Stock to Watch

Featured on February 14, 2017

Penny Stock of the Day Metrics

(Updated Daily)

Penny Stock of the day 30 day Average Return: 19.69%

% Of Companies that have:

• Risen In Value Next Trading Day: 40.0%
• Traded Higher Than Pick Price After 7 Days:85.0%
• Traded Higher Than Pick Price After 30 Days:90.0%

Marijuana Company of America Inc

(Pink Sheets (OTO) : MCOA)

  

Commentary

Marijuana and penny stocks.  Everyone says it’s the wild west of investing, but love it or hate it, the biggest returns have been made with this sector over the last few months.  We have highlighted many of these Companies over the last few months so have seen the explosive gains first-hand.  Today we highlight a new marijuana play that has pulled back recently but is showing some technical signals that may be signalling a near-term breakout may be in the cards.

The Marijuana Company of America Inc. (OTCPK:MCOA) stock chart is displaying an upward channel formation since mid-November as seen with the blue annotated trend lines. With shares bouncing off the bottom band over the last couple of days and rallying in today’s trade, we believe the trend line support has reinforced buying after a one month sell-off. With the bulls likely back in control of price movement in the short-term, we see shares potentially rallying up to around the $0.10 – $0.12 level in the coming few weeks / months.  Looking closer at resistance levels, we see the first major obstacle for the bulls around $0.076, followed by more resistance at $0.088, $0.115, $0.14 and finally top resistance around $0.20.  As for support, we would watch the $0.06 and $0.04 levels on any downside weakness.

Our trade strategy would be to enter the stock on strength.  Upon a successful entry, we would place a price target at $0.109 and a stop loss at $0.058.  Based on today’s trading level, our upside potential looks to be 49.9% while our downside risk is limited to 20.2%.  With today’s strong 11.85% gain, there is the possibility of a pull back in tomorrow’s trade.  Should that occur, we would look for an entry level closer to the $0.06 level.  The closer the entry level to $0.06, the smaller the downside risk and larger upside potential as the price target and stop loss levels would not change in this scenario.

The stock price direction for the day for MCOA is UP. This stock is currently not trending in any direction or the stock may be fluctuating over the last 5 to 7 days, but after all the fluctuations, finds itself in roughly the same price point as it did when BullishInvestor.com started analyzing it 7 days earlier. As a result, the trend for this stock is too weak to properly analyze at this time. That being said, short spurts of share price increases or decreases can still occur even though a trend has not been properly analyzed which is why watching the BullishInvestor.com daily ratings may be able to pinpoint quick entry and exit levels in this stock. Based on BullishInvestor.com’s proprietary algorithms, MCOA is currently signalling VERY BULLISH.

The most recent Candle Stick pattern for MCOA is the Belt-hold. Overall the technical indicators are signaling a bullish reading for MCOA. As such, it may be a wise decision to consider MCOA at these price levels. The last BEARISH rating was registered on Feb 09, 2017 when MCOA was trading at $ 0.06.

Since the stock is currently rated VERY BULLISH, investors are encouraged to take a closer look at this stock from a technical analysis perspective.

Data as of: Feb 13, 2017
Feature Date February 14, 2017
BullishInvestor Rating Very Bullish
Symbol MCOA
Exchange OTO (U.S.A)
Price $0.0727
$ / % Change+$0.01 / +11.85%
Previous Close $0.065
Day Range $0.0601 – $0.074
Volume 10,946,438
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