Medinah Minerals (MDMN)

[Hurricane_Rick]

MDMN Annotated Monthly Chart

With the close of July today and MDMN's share price closing just about at the high of the day, the monthly calendar for July also closed at its high at .1049 (just shy of .1050).

All told, July resulted in 55 million shares traded and finishing up strongly on 31% gains to reinforce and continue the long term upward trend of the stock as evidenced in the very well defined long term ascending channel in blue in the chart below. A good amount of the monthly run and volume has occurred in the last 4 days which can be attributed to company officials arriving in Chile earlier in the week to sign off and notarize the Alto De Lipangue joint venture as requested by AURYN Mining Chile.

July marks the 4th straight green month. There have not been 4 straight green months since late 2005. All 3 momentum indicators (Stochastics, RSI, MFI) are rising aggressively to reflect the strength in this bullish run and there is still room to run further.

Looking ahead to August, there should be a PR within the next few days reporting the activities between AURYN and Medinah in Chile from this week. All are expecting finalization of the long-awaited joint venture. The significance of this event cannot be over-emphasized. Execution/commencement of the ADL joint venture has eluded Medinah for over a decade, and more significantly in the last 4 years, causing many to brush off the stock as just another mining scam. Having members of the Letts family, Peru's first family of mining, involved in moving the ADL project forward, adds an undeniable legitimacy that the suspicious market must now accept and should be reflected in August's trading. I'm not sure how high such a watershed event will push the share price, it may be baked in the price already for all anybody knows; however, the floor of MDMN will be solidified as the JV agreement will no doubt increase investor confidence.

Resistance on the monthly chart comes into play in the .16 - .19 range and will bear monitoring if/when the share price enters the mid-teens. There are many long term shareholders looking to lock in profits that had escaped them the last two or three times MDMN traded in this range. There are also very deep-pocketed investors that have been steadily building a large position in MDMN over the past 4 months and continuing up through the .10 range. As such, it is quite possible that August 2014 will have the most volume of any month in MDMN's history.