FITX update Despite insiders selling shares May -
Post# of 56323
Posted On: 08/19/2014 3:47:06 PM
FITX update
Despite insiders selling shares May - August. CMF shows continued accumulation with PPS remaining in a fairly consistent range indicating MMs target pricing generally ranging mid.04 to mid .06 during this period Declining volume June and August indicates retail buyers willing to wait for buying opportunities as these large blocks of shares continue making there way into the market. Overall the MMJ sector is down with FITX being able to hold value better than many competitive companies however unless FITX obtains licensing from HC soon it stands to lose ground as IPO activity increases. When considering IPO pricing to current FITX PPS and after compensating for share structure IMO there is a lot of potential upside for FITX after license (based on license and current business operations). I understand there are plans for possible merger and business within numerous market areas but generating revenues in new markets make it difficult to establish timelines and performance which must be considered before uplisting to any major exchange. In the short term watch for PPS to drop as volume declines. RSI around mid to high 30+ will likely trigger heavy buying and we may see some buying around 43 RSI but probably not enough to move PPS above the SMA20 (Weekly chart)
Despite insiders selling shares May - August. CMF shows continued accumulation with PPS remaining in a fairly consistent range indicating MMs target pricing generally ranging mid.04 to mid .06 during this period Declining volume June and August indicates retail buyers willing to wait for buying opportunities as these large blocks of shares continue making there way into the market. Overall the MMJ sector is down with FITX being able to hold value better than many competitive companies however unless FITX obtains licensing from HC soon it stands to lose ground as IPO activity increases. When considering IPO pricing to current FITX PPS and after compensating for share structure IMO there is a lot of potential upside for FITX after license (based on license and current business operations). I understand there are plans for possible merger and business within numerous market areas but generating revenues in new markets make it difficult to establish timelines and performance which must be considered before uplisting to any major exchange. In the short term watch for PPS to drop as volume declines. RSI around mid to high 30+ will likely trigger heavy buying and we may see some buying around 43 RSI but probably not enough to move PPS above the SMA20 (Weekly chart)
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