Medical Marijuana Inc (MJNA)

[ClayTrader]

* * MJNA Video Chart 11/7/12 * *

Although today didn't close at the highs, a very important event occurred. "Resistance cleansing". Simply meaning that the 'push' up above $.14 (up to $.16) allowed the profit takers and sellers to sell. These people no longer have those shares, so any future 'pushes' up into this area should be met with less sellers, and therefore, less resistance.

Given the shear amount of support levels sitting below the price right now (check out all those moving averages!), the path of least resistance is in the upwards bullish direction.

Assuming all the bullish dynamics continue to occur as they have been, the price should be entering into that Blue Sky Breakout territory (greater than $.16) sooner than later.

The company also released a new press announcement today, so be sure to check it out in the link below.

Link to Press Release - click here to read

Link to Video - click here to watch the technical chart video