Although CBD Life Sciences (OTCMKTS:CBDL) did make a significant announcement yesterday, it did not move the needle much with regards to its stock and it continued to trade within a range.
However, it should be noted at the same time that a stock trading within a range can also manage to break out eventually and hence, the stock could be tracked.
Market Action:
On Thursday, CBDL stock remain unchanged at $0.0004 with more than 507.12 million shares, compared to its average volume of 481.04 million shares. The stock has moved within a range of $0.0002 – 0.0004 after opening the trade at $0.0003.
Expand High Premium CBD Distillate
On Thursday, that company announced that it was preparing to expand its High Premium CBD Distillate and move into the cartridge category of products. CBD Life Sciences was going to do so through its fully owned subsidiary company LBC Bioscience Inc.
It was revealed that at this point in time the company is working on ways to bring about a higher number of choices for consumers with regards to the variants and strains of CBD cartridges. It is an ambitious plan and one that could have considerable effect on the company’s business going forward.
It seems that investors are still gauging the potential impact of such a move from CBD Life Sciences and that could be the reason behind the relative inactivity in the stock. At this point, it could be a good idea to keep an eye on the CBD Life Sciences stock.
Traders Note:
CBDL stock is trading above the 20-Day and 50-Day Moving averages of $0.0003 and $0.0003. However, the stock is trading below 200-Day moving average of $0.0018. The stock is up 33% in the past month.
