Namaste Technologies Inc (OTCMKTS: NXTTF) To Resume Uptrend After Positive Corporate Update - MJ Global Report
Connect with us

MJ Stocks

Namaste Technologies Inc (OTCMKTS: NXTTF) To Resume Uptrend After Positive Corporate Update

Published

on

Namaste Technologies

Namaste Technologies Inc (OTCMKTS: NXTTF) has had its fair share of controversies but appears to be coming through, if recent price action activity is anything to go by. The stock has posted tremendous gains in recent weeks on the Company announcing plans to invest in technology and infrastructure to cater to domestic and international licensed producers.

Namaste Technologies Price Analysis

The company has also made a string of changes, mostly targeting the management, as it seeks to strengthen the business and the foundational technology upon which it was built on. An advisory board has already come into place, tasked with the responsibility of providing additional expertise and strength to compliment the board of directors.

Shares of Namaste Technologies have since jumped from lows of $0.39 to highs of $0.72 in recent sessions. While the stock has pulled lower, the pullback appears to be a minor correction pending further movements on the upside.

NXTTF Daily Chart

Standing in the way of the short-term momentum turning bullish, in the wake of the recent crash, is the $0.72 resistance level. Namaste Technologies needs to rally and find support above the resistance level to affirm its break out credentials further.

Above the $0.72 mark, the stock would be well positioned to make a run for the $1.20 level, which is the next resistance level. A rally followed by a close above the 1.20 level should bring to an end a sell-off wave that had threatened to plunge the stock to all-time lows.

What Does Namaste Technologies Do?

Namaste Technologies operates as an e-commerce Company mostly focusing on cannabis products. The company’s core business revolves around connecting medical clients with health care practitioners for the issuance or renewal of cannabis prescriptions.

Why is Namaste Technologies Bottoming Out?

Namaste Technologies has started showing signs of bottoming out after issuing a corporate update with respect to management appointment as well as echoing a new corporate strategy.  The company has been under immense pressure in recent weeks on failing to post audited financial results for the fiscal year ended November 30, 2018.

The company has since applied and secured a management, cease trade order that bars the CEO and CFO from trading the company’s shares until such a time financial results are made available.

Corporate Update

The management reiterating the corporate strategy as well as confirming a new appointment to the board of directors and providing corporate updates continues to revitalize investor sentiments in the stock.

Namaste Technologies has since confirmed the appointment of Kenneth Jones, an experienced business leader, to chair the audit committee. The appointment follows the formation of an Advisory board that the company hopes will provide additional expertise and strength to the board of directors.

“We’re making the necessary changes to strengthen our business, our Board of Directors and the foundational technology upon which the Company was built. Ken brings a wealth of experience and financial knowledge to enhance Namaste’s overall practices and governance as chair of the Audit Committee. We are honored to welcome Ken to our Board of Directors,” stated interim CEO Meni Morim.

Corporate Strategy

The Chief Executive Officer has also confirmed they are in the process of making changes internally to deliver results externally. The management expects the changes to have a positive impact on the company’s short term and long-term outlook.

In relation to the corporate strategy, Namaste Technology continues to invest in technology and infrastructure all in the effort of catering to the needs of licensed cannabis producers, cultivators, and ancillary device producers.

Namaste Technologies has also made several important changes to its CannMart website as it looks to strengthen the primary distribution channel for its cannabis products.

Bottom Line

While Namaste Technologies remains engulfed in a long-term bear trend, it has started showing signs of bottoming out. Market sentiments have inched higher in response to the recent corporate update that suggests the management is working round the clock to reinvigorate the company’s long-term prospects

For the latest updates on NXTTF and other MJ stocks, sign up below!

Disclosure: We have no position in NXTTF and have not been compensated for this article.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

MJ Stocks

Terra Tech Corp (OTCMKTS: TRTC) A Bounce Back Play As Net Loss Narrows And Gross Margins Expand

Published

on

Terra Tech

Terra Tech Corp (OTCMKTS: TRTC) has retraced lower ever since it clocked 2019 highs at the end of the first quarter. The stock has crumbled under soaring bearish pressure. Amidst the steep pullback, the stock is a potential bounce-back play as it is currently trading at the lower end of a tight trading range.

Terra Tech Price Analysis

A plunge to the lower end of the $0.63 to $1 trading range leaves the stock in a precarious position. A plunge lower could elicit further selling pressure while a bounce back could result in the stock making run for this year highs.

In our view, the stock could bounce back on investors reacting to a string of positive developments that affirm the Company’s prospects. For starters, Terra Tech is fresh from launching a legal cannabis delivery services as it continues to pursue growth opportunities in California.

The Company is also fresh from delivering impressive financial results that indicate gross margin expansion as net loss from operations continues to narrow. The sale of Blum Desert is another development poised to strengthen the company’s financial position.

Terra Tech commencing cannabis sales to the adult use market should continue to excite investor’s, ideal for fuelling an upswing in the stock’s price action activity. With the stock appearing to have hit the floor after the recent pullback, a correction higher could be in the offing at the lower end of the trading range.

Continue Reading

MJ Stocks

Namaste Technologies Inc (OTCMKTS: NXTTF) A Bounce Back Play On Robust Revenue

Published

on

Namaste Technologies

Namaste Technologies Inc (OTCMKTS: NXTTF) has had to contend with wild price swings, as investors reacted to delays in the filling of audited financial results and ousting of Sean Dollinger as the CEO. That could soon change, as the Company has come through and filled results that affirm robust revenue growth.

Namaste Technologies Price Analysis

However, concerns over widening net loss could hurt the stock’s sentiments in the market, at a time when it is in dire need of, groundbreaking catalysts to avert further slides. While the stock has bottomed out, it remains engulfed in a long-term bear trend.

The descending trend line could attract short selling pressure on the filling of negative news that arouse concerns about the Company’s long-term prospects. A spike to the $0.65 level essentially means the stock is at a critical resistance level.

Failure to rally and find support above the resistance level could elicit some form of selling that could see the stock trading sideways. Immediate support on any pullbacks from current highs is seen at the $0.40 mark.

NXTTF Daily Chart

A sell-off followed by a close below the $0.40 mark could result in Namaste Technologies resuming its downtrend, as has been the case for the better part of the past year. Conversely, a rally followed by a close above the $0.66 mark should pave the way for the stock to make a run for the $1.20 mark, seen as the next…

Continue Reading

MJ Stocks

Cannex Capital Holdings Inc. (OTCMKTS: CNXXF) A Long-Term Play Despite Price Slump

Published

on

Cannex Capital Holdings

A strategic merger with 4Front coming on the heels of Pure Ratios holding acquisition affirms why Cannex Capital Holdings Inc (OTCMKTS: CNXXF) prospects can only get better despite the recent price slump. The transformational events expand the Company’s operations into six U.S states signaling push for market value in the burgeoning cannabis sector.

Cannex Price Analysis

While Cannex has taken a significant hit in the market, it is still up for the year after an excellent start that saw it rally by more than 200%. The stock has since pulled lower in what appears to be a correction phase.

The ongoing pullback has since exposed the stock to a crucial support at the $1 a share level. A breach of the support level would leave the stock susceptible to further drops probably back to the $0.80 mark, a critical technical level.

CNXXF Daily Chart

For the stock to resume its uptrend, it first needs to rise and stabilize above the $1.20 mark, the immediate resistance level. The stock rallying and finding support above the $1.2 mark would open the door for bulls to fuel a rally back to 52-week highs.

About Cannex

Cannex is a diversified company that leases real estate properties and sells supplies to cannabis cultivators. The Company also offers financial services as well as branding and IP services to licensed cannabis operators. It is also focused on premium indoor cultivation extraction and branding of edible…

Continue Reading

Enter Symbol For Report



MJ Stocks