During the last for the week trading session, Mart Resources Inc. (CVE:MMT), (PINK:MAUXF) stock shot a new 52-week high and then turned back by 10.71%.
Looks like investor enthusiasm was replaced by the idea of a price correction after months of a strong upward direction.
On Friday, the overbought for weeks MMT stock entered the market as usually with a slight pull up.
Though the strong buyers’ pressure from the previous trading session, MMT was conquered by sellers and just passed through a 52-week high at $0.57 per share.
Since the end of this June, the company’s shares have been moving almost constantly upwards. The strong volume traded of more than 6.6 million shares on Friday was the first signal that the time of the upward direction has come to an end, at least on the short-term.
The company released news for the last time at the end of last month, making an update on its UMU-6 well drilling. The developments reported resulted in a MMT stock rush that maybe continued longer than expected. On Friday, MMT price correction was maybe the response of investors, who thought that on no news the new trading range is not possible.[BANNER]
Mart Resources Inc. is a company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Nigeria, West Africa.
Mart Resources Inc. is one of the first foreign companies which established ventures with local Nigerian oil companies under the native and marginal field programs, giving the company strategic advantages due to its long standing relationships and local industry knowledge.
