Congratulations to our followers who took action after we alerted MRMD last week at $0.42. Since then we have seen the stock trade nicely while rising to and closing today at a high of $0.67 (60% gain). We have also seen a steady increase in trading volume. This is all very bullish and bodes well for future price action.
We can attribute the increase in volume and price to fundamental and technical factors. On November 15, 2017, MRMD released record financial results. See link to full press release below.
These stellar financials combined with a bullish ascending triangle chart formation helped the stock fully reverse and breakout upward. Take a look at the chart below and you will see the clear triangle formation followed by a textbook breakout above resistance on increased volume. It doesn’t get much cleaner than this.
It’s important to note that MRMD has no toxic debt and the insiders control roughly 70% of the outstanding shares. This allows the stock to move easily due to the small float. You don’t see this situation very often on the OTC. Very bullish to say the least.
With the reversal confirmed and the uptrend resumed MRMD will now look to potentially reach and break through the 52 week high of $0.84. Stay tuned by following us on all our social media outlets for further updates on MRMD.
MariMed Inc. Reports Record 3rd Quarter 2017 Financial Results: View press release here
What is an Ascending Triangle?
An ascending triangle is formed by a flat top or equal highs and higher lows. This triangle is a bullish pattern that can be a continuation in an up move or a reversal at support on a down move.
Read more technical analysis article here
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