While Medinah Minerals keeps silent on its plans and has still not issued any official news, it looks like the traders’ community got convinced last week that the company has a huge JV project running that is yet to come out. In the last trading session, MDMN surged to a new high at $0.16, but some first signals for a drop down on the following day may end up the huge gains. MDMN closed the day with a 6.37% increase at $0.142. The volume was also the largest for the entire week with 37.78 million shares traded, but the stock price fell down to $0.10 in the session.
That broad range suggests that without any official announcement there could be little potential for a further increase in the price as some traders already started to sell out intensively. Also, it looks like as MDMN started its value and volume gains it got the support of some stock promotions. Three promotional disclosures occurred for MDMN shares, according to which the shares have been recommended to traders since Monday last week.
On the online message boards, the JV rumors are still broadly discussed, though some first doubts appeared as well. Pump and dump has been suspected, and it sounds as a reasonable explanation considering Medinah Minerals’ questionable assets and operations.
