MDMN Daily Chart ~ Riding the Support of the MA200
Post# of 2559
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I was just asked for a chart and opinion on MDMN. This is a tough one. The stock is finding support on the MA200 for about six weeks now. The problem is the 200 is gradually declining. The good news is that the stock is holding it and not falling below it. Plenty of rumors around now that the company will finally monetize the mountain. Some believe before the year is up while others say in early January. Should that happen, then obviously the stock should react nicely to the upside. The concern is that shareholders have been told the same for years. I've always said that they will eventually find a partner for the ADL. Could it finally become a reality? I hope so. I have many friends in MDMN, and they have been waiting a long, long time for management to deliver. A few of us have been swing trading the stock while holding a core position.
As to the chart and the technicals, should the stock fall under the MA200, I don't see a lot of downside. I see some minor support in the high .04s (Sept) followed by the low of .032 in August. Although I don't believe the stock will fall much from .05, you never know. As I've said in the past, one can never tell you where and when a bottom will be put in until after it has been established. If I were a gambling man, I would buy a few in the .05ish level and watch what develops in the next few days. The resistance on the upside is at .06 and .0709. The FullSto and MACDs suggest the momentum has once again shifted to the downside. Keep in mind that news will always trump technicals. GLTA
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