Medical Marijuana Inc (MJNA)

[Night_Falls]

TECHNICAL PULLBACK Plain and Simple
I posted this on another board but switched it to be MJNA specific. Either way, this is why you're seeing the same pattern across the MJ markets.

This quick downturn is purely a technical pullback. Nothing more.

I said this in another post but I'll repeat it here because the other one will probably get deleted.

http://stockcharts.com/h-sc/ui?s=MJNA&p=D&yr=0&mn=4&dy=0&id=p89234603428

This chart shows that yesterday MJNA blasted through the upper bollinger band. That means MJNA was more than 2 standard deviations away from the mean. Any statistician or chartist like Clay will tell you that such aberrant price action is not sustainable. I'm not one to call for Market Maker manipulation but when the price action gets frenzied as it did yesterday, the MMs have their work cut out for the suppressing potential panic buying.

Yesterday's bounce may have been a perfect storm of short covering and buying prior to the November elections. I'm not going to get too worked up for these elections despite several excellent measures being voted on in multiple states. Keep in mind Colorado and Washington's 2012 voting for recreational legalization was a minor blip for cannabis equities in November 2012 and it was until 2014 when Colorado's laws were in place before the MJ market took off.