Tuesday’s trading session might have gotten off to a slow start after the long, 3-day weekend, but one penny stock in particular, took advantage today and decided to send a clear message to all. Right out the gate, shares of Terra Tech Corp. (TRTC), one of the more popular marijuana stocks on the OTC, decided that the 30’s were no longer a place for them to be trading at. Despite no new news or any new SEC filings, TRTC bounced right off it’s 200 day moving average to start the week off with a bang and a bit of a rejuvenation of sorts for some of the cannabis players that have taken a step back from their early March highs.
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TRTC Stock Quote
Market Cap: 76.16M
Last: 0.459 ▲ +0.104 (+29.30%)
Dollar Volume: $2,260,104
14-Day RSI: 44.05%
1st Resistance Point: 0.503
1st Support Level: 0.381
52Wk High: 1.42
52Wk Low: 0.0575
Terra Tech Corp. reported their best ever quarter in terms of revenues reported almost two weeks ago, yet for no catalytic reason which can be identified, decided that today was the day when the shares were finally due for a bounce. Coming off a quarter whereby revenues were $560,319, a better than 700% increase compared to the $66,121 they reported for the same period in 2013, more than roughly 4X that amount has already traded just halfway into the Tuesday trading session.
Terra Tech did announce a couple of weeks ago that 2014 is due to be a huge year for revenues, with Q2 expected to have the largest impact on the projected annual sales. A total of $7 million is expected to be booked during the course of 2014 with about half that amount, $3.5 million, due to come in Q2 due to the seasonality of their best-of-breed hydroponic equipment for indoor agriculture enterprises and home practitioners.business.
It took literally 30 minutes into today’s trading session for the ceiling to become paper thin on TRTC stock as shares rapidly rose above the 0.40 threshold they collapsed under late last week. Having tried to get up to as high as 0.48 during the lunch-hour rush, the first resistance point of 0.503 is due to be a target for traders who got back into what was a 8 bagger from January 1 up until their 52 week high set back on March 12 with almost all of the other marijuana related penny stocks. Considering it’s down -67.68% from that high, a return to even half way, 0.71, could pony up better than 57% gains if this momentum can keep rolling.
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About TRTC Stock
Terra Tech Corp., through their wholly owned subsidiary GrowOp Technology, is a development stage company engaged in the design, marketing and sale of hydroponic equipment with proprietary technology to create sustainable solutions for the cultivation of indoor agriculture
Issued and Outstanding: 167,022,553
Last 5 Trading Sessions:
Volume does not seem to be a significant factor as to why TRTC is both one of the top performing and top traded penny stocks thus far today. With many anticipating a return to above 0.50 before the end of tomorrow’s trading session, keeping a close eye on a dip later on today could pay off huge for those looking to jump back into TRTC stock again.