I'm watching MMTE and am just as optimistic as when I began watching. From an F/A standpoint, their PRs indicate assertive business strategies and i'm sure everyone now knows that they are in the middle of drilling three wells, the first having been successful. The chart is behaving very predictably: there have been several very nice spikes, and after each one, the PPS slowly falls back to the .001 support. Since last week's spike associated with the PR, the price has followed that same pattern. I did notice that the price is dropping a little more quickly this time, nor did it linger at the .002 range. Either way I would expect this price to make its way back to .001 and bounce off, unless a positive PR intercedes. The last 11 PRs have been released at 8:30 AM so you may take that into acocunt when deciding your strategy each day.
"We seem to be off to a very good start on our Oklahoma venture and are looking forward to continuing our operations there," stated Joe Overcash, President of Mammoth. "Once we know the commercial production from the wells, we can begin to forecast on ongoing results."
They have not even begun commercial production well 1, and there is of course a chance that wells two and three will be unsuccessful (I recently got screwed over when that happened to UVSE). I think many investors will remain hesitant until the well(s) are brought into full production and the aspirations of recent news become grounded in reality.
Personally I believe they will be successful, and it sounds like others here agree, but remember you can't take these wells for granted yet. The general optimism surrounding this company doesn't explain the price-drop of the last several days, but the behavior of the stock over the last few months combined with their actual position (not their projected success) does (in my opinion). This is just what I've gathered and I've only been trading stocks for a month, so of course, do lots of homework and study the chart so that your decisions are your own! Best of luck to my fellow MMTE traders!
MUGUNGA!
AI
