Green products and environmental sustainability are on everyone’s agenda making green penny stocks popular investment opportunities. With the growing concerns over waste and climate change, companies like Code Green Apparel Corp (OTC: CGAC) are working on seizing the market opportunity as it continues to develop. While its not clear if this shell will remain in the sustainable textiles industry, CGAC has seen an uptick in accumulation as investors wait for merger news.

Catalysts

Currently based in Laguna Nigel, California, CGAC offers a clean shell with only $1 million in liabilities. While the company issued a large number of shares recently for debt conversion, investors have been watching to confirm dilution has ended. It appears that the OS will not be changing any time soon now that the new shares have been absorbed, but investors should be watchful until CGAC’s management confirms it.

Merger guru, Caren Currier has also joined the company’s management as a consultant. Well-known in the OTC market, Currier is a classic merger consultant whose work routinely produces great results for shareholders. Currier has positively contributed to custodianship plays for companies like King Resources Inc. (KRFG)Kat Exploration Inc. (KATX)Novation Holdings Inc. (NOHO), and International Star, Inc. (ILST) in the past – making many investors bullish on CGAC’s merger potential. Volume has also been increasing over the past few weeks as bullish investors anticipate official merger news.

In the past, CGAC was in the sustainable textiles industry targeting large corporations by offering corporate logo wear, uniforms, and other products made from sustainable textiles. As more companies transition their workforces and standards towards environmental social governance practices, CGAC planned to provide the products to meet this demand. If CGAC remains in the sector it could be a serious contender among the best green penny stocks.

Media Sentiment

Looks like recycling and reuse is green for the Earth and @shawonsarker84’s portfolio

Technical Analysis

green penny CGAC chart

Currently trading at $0.0037, CGAC has an immediate resistance line at .0042, and a second at .0053. Its primary support lies at .0034 with a secondary support at .0032. Accumulation has been following a general upward trend but the MACD is heading for a bearish crossover. The RSI is decreasing and is currently resting at 48.33.

Should You Buy?

CGAC peaked near $.032 this summer before bleeding out to its current PPS of $.0037 making now a potential entry point for bullish investors. With no definitive news regarding the reverse merger candidate, some investors are accumulating shares in anticipation. However, once news breaks the stock will almost inevitably run – possibly reaching its summer highs. If the company’s management team holds off on dilution, then CGAC could be one of the best green penny stocks for a short-term merger play.

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