Beth0515- Fundamentals do not play a role in technical analysis. It is strictly price, volume, support and resistance levels.
It is all about accumulation and distribution, relative strength and many more technical studies that go into a chart. It is both an art and a science combined because it is how the individual reads the charts that makes it an art.
That being said shares outstanding do not matter. It works with companies with 10 million, 100 million or 2 or 3 billion shares outstanding.
Think of the law of supply and demand. If more people want it then it is more valuable and if less people want it then it is worth less. That is for anything including stocks.
When I look at this chart I see major resistance between 17c-19c regardless of what you think the reasons are as to why it did or did not punch through those areas does not matter. What matters is if, on the next leg up, it breaks through those resistance levels or not.
In my experience the harder the resistance is to break through the greater the move to the upside once it is broken.
Based on what is going on with MDMN there is that potential but do not think for 1 second that if there is a stall at .17c-.19c I will not dump my position.
As far as the $35,000,000 in preferred shares, I would say they have already been converted since the stock traded over .10c so your shares outstanding are what they are plus an extra 350 million common shares.
But make no mistake that Market Makers will let this thing fly if there are large buy orders hitting the tape.
If fundamentals were a true measure of stock prices then all we would all have to do is buy companies with low p/e or price-to-book or price-to-sales ratios and we would all be multimillionaires.
I have no emotional attachment to MDMN I am using it to make money, that is all. I realize from your posts you are in a different mindset than I.
I use technical analysis as my main approach. It works for me but it does not work for everyone.
I believe things will be clearer in very short order whether good or bad. I tend to think it will be good based on my entry into MDMN. I can not speak for anyone else but myself. But I do wish for everyone who is involved on the long side of MDMN to make a killing!
