The price graph of Medinah Minerals Inc (PINK:MDMN) has formed an upward curve after MDMN stock declined won to $0.04 at the end of September.
This turn-point in the share value brought along more investors into the trading game in the last couple of days. On the last session, MDMN scored a trading volume of 4.1 million shares and finished 3.8% higher than the previous close.
In the same day, MDMN hit an intraday high at $0.0595 but closed exactly at the same level as it opened - $0.052.
The rally of MDMN seems to have a technical element because there has been no press release issued by the company in the last couple of months to account for the recent stock action. MDMN surge was underlined by a brief consolidation period pivoting around a support level at $0.04.
In the last months of 2010 the same level acted as a resistance to the stock. Furthermore, a positive divergence with the MACD indicator was formed in August and September.
That has likely stimulated more potential investors to enter the market. In addition, it is not impossible that in the coming day MDMN will have to face and fight with the 50-MA.
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ReplyDeleteSounds like a company that buys minerial rights.
ReplyDelete