Medical Marijuana Inc (MJNA)

[nopancakemix]

MJNA - Taking a Deep Breath
MJNA is up over 100% in a short time, mostly since New Years. Right now MJNA is pushing technical limits, just stepping out of the top bollinger band and reaching overbought status on most stochastics. Fundamentally MJNA has internal issues but they are selling goods and making progress through subsidiaries.

The recent recreational legalization has brought enormous interest to MJNA. Now is when MJNA needs to shine. Q1 is going to be a major event. All eyes are on the industry and MJNA has been one of the top players even before the hype. Should earnings show significant growth and progress, MJNA could easily reach previous highs.

Longs here know, or should know that we can't do it alone. I'm pretty much done buying MJ stocks, even after taking some substantial profits over the past few day (although I did not sell MJNA because my money was already made there in Feb 2013). New traders, new investors, new institutions are bringing new money to the table and that's what will help raise share price, along with solid fundamental performance.

I'd expect some pullbacks over the next few day but there should be a lot of momentum going in to Q1 and following through with mid-term elections. This is like 1999. A whole new industry is being born. Sure, the share float on MJNA is large but with folks like me holding around 1,000,000 shares while others hold 20,000,000 or so, there are really not that many pieces of the pie