MariMed Inc. (OTCQB: MRMD) Technical Alert: Bull Flag Breakout  - Wealthy Venture Capitalist

MariMed Inc. (OTCQB: MRMD) Technical Alert: Bull Flag Breakout 

Shares of MRMD closed trading yesterday at $2.776, up 8.9% on the day with 455,370 shares traded.

For the past 2.5 months MRMD has been consolidating beautifully in its Bull Flag continuation formation. Yesterday marked the first day MRMD closed above the upper flag trend line which has served as resistance for the past 2.5 months.

It’s important to note that yesterday’s volume of 455,370 was nearly double MRMD’s average daily volume for the past 30 days. As we saw on MRMD’s last major breakout, volume increased substantially. Although it is not always necessary, look for MRMD’s volume to increase and confirm the breakout from its Bull Flag pattern.

If history is any indication, MRMD could be on the verge of a major breakout. Interested investors should move MRMD to the very to of their watch list and start their due diligence immediately.

If you are new to technical analysis or just not sure about a certain term, we have included a link to Investopedia below. This way you can fully understand what is happening here with MRMD.

What are Bull Flags?

Bullish Flag Formation Signalling A Move Higher

Bullish flag formations are found in stocks with strong uptrends. They are called bull flags because the pattern resembles a flag on a pole. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation. The flag can be a horizontal rectangle, but is also often angled down away from the prevailing trend. Another variant is called a bullish pennant, in which the consolidation takes the form of a symmetrical triangle. The shape of the flag is not as important as the underlying psychology behind the pattern.

Basically, despite a strong vertical rally, the stock refuses to drop appreciably, as bulls snap up any shares they can get. The breakout from a flag often results in a powerful move higher, measuring the length of the prior flag pole. 

 

Invesopedia: https://www.investopedia.com/stock-analysis/cotd/answ20090105.aspx

MRMD Recent Catalyst

MariMed Grows Revenue 81%, Triples Assets Year over Year for Q2 2018: https://bit.ly/2nDZnyr

Chart by: Barchart

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