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Cannabis Stock Laggard: Ultrack Systems Inc (OTO:MJLB) Sheds 68.75% at Midday on October 31

Ultrack Systems Inc (OTO:MJLB) had a tough morning trading session on October 31, declining more than most other peers in the directory of approximately 200 stocks we track in the cannabis industry with a slide of 68.75%. After closing the previous session at $0.16, shares of MJLB opened this morning at 0.14 and are trading at $0.05 at the lunch break. So far, about 50,085 shares have changed hands, compared to an average 30-day volume of 41,912 for Ultrack Systems Inc. Shares moved as high at $0.14 and as low as $0.05 in AM trading action.

The share depreciation gives the company a market capitalization of $86,644 based upon 541,527 shares outstanding.

In the past 52 weeks, shares of Ultrack Systems Inc have traded as low as $0.035 and as high as $0.7. Technical traders will take note that at $0.05, shares of MJLB are trading below their 50-day moving average (MA) at $0.067 and below their 200-day MA at $0.254. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move beneath them is typically regarded as bearish.

Who is MJLB?

Greenscape Laboratories Inc is engaged in ensuring the safety of cannabis by providing assistance in testing consumable products for either chemical or foreign contaminants. It is also involved in the development of retail cannabis dispensing units. The company is led by its CEO from its headquarters in Pensacola, FL.


For more information on MJLB and other companies focused on the expanding legal cannabis and medical marijuana industries or to considered for contributing content, visit PotNetwork.com today.

All data provided by QuoteMedia and was accurate as of 12:00PM ET.

About PotNetwork.com

PPotNetwork.com is a leading publisher of market news, commentary, proprietary research and videos from seasoned journalists, analysts and contributors covering the legal cannabis and medical marijuana markets. Leveraging our extensive distribution network and social media presence, we have cultivated a valuable audience of engaged market enthusiasts interested in all segments, which in turn delivers a variety of unique opportunities for industry partnerships, corporate communications and market exposure. A complete disclaimer can be viewed here.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of PotNetwork.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://potnetwork.com/legal-disclaimer/.

About Jeremy Wilchek

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