LONDON, June 18, 2014 /PRNewswire/ --
The overall trading in over the counter stocks remains light going into the summer with plenty of short term trades and volatility, which you would expect at this time of year. Traders like short term swings and we have focused on a group of stocks today that have not only been in the news this last week but have the potential to make moves higher after potentially being oversold
Axxess Pharma (OTC: AXXE) has started this morning's trading with heavy volume as the shares look to move up from the closing price yesterday which was very close to the high of the day. Axxess Pharma announced a new contract at the start of the week which kept shares in the green and now traders look for the company to break through the $0.32 level to stand a good chance of trading higher. Inside the first hours trading the range has been tight and the volume high with shares up by a few percent.
Integrated Cannabis Solutions (OTC: IGPK) also started the day in green territory as shares hit $0.10 in early trading. The most recent spike in shares of Integrated Cannabis Solutions that traders have an eye on is last month when the stock hit a high point of $0.81. We are some way of that price in trading today but after hitting a yearly low of $0.02 shares look like they could make another run higher if they can stay above $0.10 this week and volume continues to flow into the stock.
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BreedIT Corp (OTC: BRDT) is another small cap company that has decided to shift its business focus into the world of cannabis solutions as they announced an investment into the company last month from INTIVA Pharma LLC. With the investment coming in at $0.30 per share many traders will feel that a natural floor for the stock has been put in place and will be more comfortable trading shares. With a 52 week high of $0.89 there is plenty of room for shares to move to the upside but will need to get through resistance at $0.48 to move forward.
Petvivo Holdings (OTC: PETV) started today's trading higher by double digits as they bounced off a recent low in the stock. Petvivo was trading substantially higher just a couple of weeks ago and with potential short positions in this name we could continue to see spikes in short term trading. With the company providing an update earlier this week and shares up 10% in trading today we could be looking at a baseline in this name.
Rounding off our OTCQB focus list today is Affymax (OTC: AFFY) whose shares are flat to start off the day's trading on Wall Street. Affymax is searching for a new base in the stock after trading down this week following the termination of a recent product collaboration with Takeda. Sometimes shares get oversold on the way down just like they can be overbought on the way up. This may be the case with Affymax whose shares could climb back to the $0.40 level once they settle down and digest this news properly. The 52 week high in Affymax is £2.03 per share.
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SOURCE AMG Global Advisors Ltd