Will High Tide Inc (OTCMKTS:HITIF) Break Below Support?

Shares of HITIF have been trending lower the last month. Will it break down here?

Market Action

HITIF was up 0.60% in the last session and closed the day at $0.50 on a volume of 2.93 million shares. It has a market cap of $399.43 million, while the average volume is 5.73 million. It traded in the range of $0.4950 – $0.5475, while its 52-week high is $0.8860.

HITIF Releases News

  • High Tide Inc. has announced that all of its issued and outstanding shares have started trading in a post consolidation basis from 13 May 2021.
  • On 12 May 2021 High Tide Inc. announced its common shares would be consolidated on the basis of one consolidated shares for 15 pre- consolidated shares.
  • High Tide Inc.’s shares consolidation has decreased the number of existing common shares form 690.83 million common shares to 46.05 million common shares.
  • The Shareholders were sent a letter of transmittal advising that the share consolidation has taken place and instructions on how the registered shareholders can their share certificates. 

Trader Notes 

HITIF made a nice run early this year but has since traded off its highs and is trending lower. HITIF is trading below its 50-Day MA and 100-Day MA of $0.5080 and $0.5179, respectively. The RSI of 45.602 is also displaying a sell indicator. The pivot points to look at are $0.4959 and $0.4917. All the indicators are showing that the stock is bearish.

The last bounce off support didn’t last long for HITIF. The stock appears to be struggling here, and if it breaks below .46, it could head back to the .25-.30 area. 

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