Yesterday, MEDINAH MINERALS INC (PINK:MDMN) dropped down 17.99% to $0,057 on a volume of nearly 10 million shares.
MDMN had stopped exactly at the 50-MA, which means an important technical point is going to be tested in the coming session.
There wasn’t a lot of shorting activity yesterday as compared to the total traded volume. FINRA indicates 614 thousand shares took part in short transactions yesterday, which is 6% of the total volume.
Last week, MDMN published an update on its joint venture agreement on the Altos de lipangue group of claims. Apparently, the press release had a positive effect on the market as it pushed MDMN stock price higher.
Talking of technical indicators, the two lines of the MACD have converged and the coming session will show whether the major line will bounce off the moving average, or a bearish cross will form. This may have a significant influence over short-term market speculators.
