Mart Resources Inc. (CVE:MMT) (PINK:MAUXF) continues to spike higher after passing above an important resistance point on strong trading volume.
This Monday, MMT had a daily turnover of over 2 million, which was nearly five times the average volume of 434 thousand. Such an activity allowed the stock to create enough buying pressure to subsequently break out. MMT has now passed above 71 cents per share resistance and trades close to the 52-week high of 75 cents.
The price action looks sturdy – although it depends mostly on technical breakout, the continuing influence from the recently published quarterly results could be enough to sustain the rally into new price highs.
On November 28, the company filed quarterly financial statements which showed considerable improvement in their operations:
o Gained over $12 million in cash and settled accounts recoverable from co-venturers;
o Sales increased 3.4 times to $46.77 million;
o Net income totaled $20.95 million, more than 17 times the amount recorded in Q3 2010;
o Nearly no stock dilution.[BANNER]
