Pot Stocks Update
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On Friday, we surmised that the general consolidation after last week’s epic surge in the cannabis sector would lead to rebounds for many of the pot stocks that we’ve been tracking long-term, and were correct in our assumption. Not an especially impressive feat, considering the fact that we’ve seen the bottom-bounce scenario play out hundreds of times; it’s practically a law of nature.
The following are some of the more notable cannabis bounce-plays that we observed to start the week:
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Transbyte Corp. ERBB
ERBB reached a bottom (.0057) Friday shortly after 10am, and has done a fine job of bouncing back. Yesterday we saw the stock trade as high as .0098, closing just one tick below at .0097 on more than thrice the 3-month average volume. That’s a 72% swing spanning consecutive sessions.
Hemp, Inc. HEMP
HEMP came down from its big run over eight cents to find support at .031, from which point it has found its way back up to .06. That rebound was good for gains as high as 94% Like ERBB, HEMP finished out Monday’s session near its high-of-day, closing at .0594.
Creative Edge Nutrition, Inc. FITX
FITX is one that has done exceptionally well with regard to holding most of its recent gains when it did pull back. If you recall, we witnessed a low of .0056 last Monday, and the consolidation off of its highs at .031 only took it as low as .0111. The stock has recovered nicely, pushing its way back to .0265 during yesterday’s session; a bounce-play worth gains of up to 139%
GreenGro Technologies, Inc. GRNH
Unsurprisingly, one of the biggest runners from the ‘Green Rush’ turned out one of the bigger bounces on its recovery. It came down from its highs well over a dollar, and bounced off of the .20-mark yesterday, only to rebound as high as .49, a 145% swing. This morning in pre-market trading it has poked its head back over fifty cents.
Growlife, Inc. PHOT
PHOT touched bottom at .18 on Friday, and as of yesterday had pushed its way back to a high of .293. That represents a 62% bounce. PHOT is holding its ground in early trading this morning.
SK3 Group, Inc. SKTO
SKTO dipped back to .0115 Friday, and followed the trend of recovery yesterday, achieving a price of .0235, marking a two-session swing of 104%
Other cannabis stocks that were on the rebound Monday included TRTC, AVTC & CANN
Rexhan Pharmaceuticals, Inc. RNN
It became apparent that RNN would continue its recent uptrend early-on yesterday. Even though we had already seen impressive gains amounting to nearly 200% in a range from .4026-1.19 up to that point, it continued to surge, reaching its peak at 1.85.
RNN is trading in the 1.40’s pre-market, so like the other massive gainers we’ve followed over the past week, we’ll be continuously monitoring for support and the potential for a subsequent bounce.