Rimrock Gold Corp.(OTC: RMRK) is one of the hottest stocks this week after climbing by as much as 150%. While the company is known for offering cannabis products, RMRK landed on many watchlists this week thanks to its plans to announce acquisitions in the near future. With this in mind, it appears that RMRK stock is shaping up to be one of the OTC’s latest and greatest runners.
RMRK Stock News
Through its subsidiary Acqua Cannabis, RMRK has been offering cannabis based coffee and other products like CBD oils and hemp extracts to capitalize on the rapidly growing cannabis market. Although the cannabis market is expected to grow at a fast pace, RMRK was unable to take advantage of this market.
Back in April, RMRK shared PR about its operations and growth plans with its shareholders. In this PR, RMRK shared that it was struggling to grow its business organically mainly due to the increasing competition in the cannabis and wellness markets as well as its lack of funds to continue its operations. As a result, RMRK is currently exploring growth opportunities to expand its business in order to increase its shareholders’ value.
In addition, RMRK shared that it is in the process of conducting due diligence for a number of acquisitions in different sectors. By utilizing this strategy, the company believes it has more opportunities to enter growing markets where it can secure a significant share and grow financially. With this in mind, RMRK gained investors’ attention lately after sharing that it was in the final stages of conducting its due diligence on an acquisition and would be updating shareholders very soon.
In the meantime, investors are anticipating PR from the company regarding its expected acquisitions as RMRK shared that it is waiting for final approval to complete an acquisition. It has also promised to update shareholders about this matter in the near future. Based on this, some investors are bullish an announcement could be made as early as next week. Given that RMRK stock has been running in anticipation of the acquisition, releasing PR could send RMRK to new highs especially if the acquisition is in a lucrative industry.
Meanwhile, many investors are bullish the upcoming acquisition could be profitable for the company due to their confidence in the CEO Jordan Starkman. With an extensive background in finance and business development, investors believe Starkman will find the best acquisition possible for RMRK’s future growth. Through his 20 years of experience, Starkman has been the president of public companies Pacific Green Technologies (OTC: PGTK) and Health Advance Inc. (OTC: HADV). As well, Starkman worked for 10 years as a consultant for several public companies and was responsible for starting new businesses for these companies. Based on this experience, investors are bullish RMRK stock could become profitable with the current management in place.
@PikachOTC and @trick_of_trips are bullish that RMRK’s PR will be out next week
Check out @WildRhino’s in-depth DD on RMRK’s upcoming catalysts
RMRK stock is currently trading at $.0017 and has supports at .0014 and .0008. Meanwhile, RMRK has resistances at .0021, .0025, and .0032. Due to speculation about the company’s acquisition, RMRK stock has witnessed high trading volume of 405.8 million since June 15th – contributing to the stock’s surge. Given that new updates are on the horizon, RMRK could sustain its run following its golden cross on the hourly chart.
Accumulation is trending upwards in anticipation of these catalysts, however, it is witnessing a slight downtick with some profit taking. Meanwhile, the MACD is bullish to the upside and the RSI is at 76 indicating that RMRK stock is still overbought. Bullish investors could find an entry point on pullbacks. But since RMRK broke through its VWAP at yesterday’s close, investors should watch to see if it moves back above the VWAP.
RMRK Stock Forecast
Despite struggling to grow in the highly competitive cannabis and wellness markets, RMRK stock forecast appears brighter than before with promising acquisitions on the horizon. With the company waiting for final approval to finalize an acquisition, investors are speculating an announcement could be made by as early as next week. Given RMRK’s 150% run so far, bullish investors could be set for multi-day run if the company’s acquisition target lives up to expectations. RMRK could also be worth holding long-term considering the management’s commitment to its shareholders with promises of no dilution or reverse splits.
If you have questions about RMRK stock and where it could be heading next feel free to reach out to us in our free alerts room!