United Treatment Centers Inc. (OTCMKTS:UTRM) Finds Support

Posted by: : Viraj ShahPosted on: April 16, 2014 United Treatment Centers Inc. (OTCMKTS:UTRM) Finds Support

United Treatment Centers Inc. (OTCMKTS:UTRM) has taken support at the $0.0064 and we believe that the stock might be able to show a bounce if the support holds to the $0.0080 levels in the short term. The stock is currently trading above its 50 day and 200 day moving average which shows to us the strong up move that the stock has been in the last year.

We believe that if the stock doesn’t hold to the aforementioned support zone we might see the stock fall closer to the $0.0047 levels in the coming trading sessions. The stock seems to have lost the upward momentum and that can be seen in the momentum indicators which even though have remained positive are showing signs of weakness  and have given a sell signal for the stock. The relative strength index for the stock has slid below the overbought zone and we believe that has given first signs of inherent weakness in the stock.

On a weekly basis, the stock, the stock continues to be in a fierce uptrend and is currently trading above its 200 day moving average and we believe that if the support at $0.0064 is held the stock might be able to forge newer highs for itself. The momentum indicators along with the RSI are very positive but in overbought territories and therefore traders should exercise caution while taking fresh trades in the stock.

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United Treatment Centers Inc. (OTCMKTS:UTRM) is trying to show to the market that it wants to become the digital media hub for the Marijuana sector. Traders on the street found a liking to the stock once the legalization of marijuana was done but the recent correction in the sector has left the stock tethering.

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Viraj Shah

Analyst at HEFFX
HEFFX Trading Room is lead by Shayne Heffernan and research from the Trading Desk is prepared by contributor Cyrus, Cyrus has done a M.Com (Finance) and currently pursuing CFP. He is a technical analyst who tracks US markets along with other global markets like India very closely. He is very passionate about stocks and believes that money can always be made in market.
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