Medinah Minerals (MDMN)

[Hurricane_Rick]

Abazaba,

Today's trading back to the upper .05s definitely spiked the daily chart out of its recent doldrums. The key technical event was a breakout from the recent descending channel MDMN has been trading in. I had been watching this closely the past week or so and thought it would be possible to break out of this bearish pattern, though I didn't think it would occur in one day. I thought we might climb back to .055 and rest right on the upper channel line before pushing through. No matter. We'll see if there is follow through tomorrow. I'm looking for a close above .06 to really confirm the short-term reversal.

Also, look how many times the share price bounced off the 200-day average. Other than one intraday breach last week, the 200-day moving average has been a nice line of support. One would think that .05 would be more of a psychological line of support, but instead the price bounced off of the 200MA which was just above .05. I found that interesting, if not coincidental.