MDIA has been on fire this month. Low float penny stocks are booming and this is yet another name to add to the list. Looking at a quick fib retracement reveals some interesting levels. Mainly, look at the 618 fib level. It has been tested 4 times before today and it failed to break above and hold new support every time. Now, Aug 10 MDIA is showing signs of this again and so far has held firmly above 618. Something else to consider is the 50 fib, which has been tested 2 times counting Aug 10th. There hasn't been any new news but speculation continues fueling momentum. For longs, this 618 area could be key. Meanwhile, Finviz shows a float of less than 2 mil shares so keep that in mind especially if you don't know how to trade volatile stocks yet. "It’s worth noting that Rahsan-Rahsan is a seasoned veteran in the entertainment industry. The current Board Director, Laura Lee, states that he is a 'talented and dedicated leader with the right strategic vision, relentless drive, and passion for media required to lead the Mediaco team at this critical time.'
For some context, Mediaco Holding is a multimedia company working mostly in the radio and out-of-home advertising businesses. It states that has 3,500 faces throughout the Southeastern U.S., where it generates the majority of its advertising revenue. Additionally, it claims to own and operate two of the most popular urban radio stations in New York City, which is quite a large deal. So, while radio may not be as popular as it once was, there are still millions of listeners daily. Whether this makes MDIA a penny stock to watch, however, is up to you."
Quote Source & Read More: Hot Penny Stocks For Your Weekly Watchlist in June
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