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So 1.6% down with a grand total of less than £4,000 worth of activity going on.... Welcome to the price action of MATD which is dictated by traders who are currently executing out their accumulation phase.
Take a look at a long term bar or candlestick chart, and you will see that we are firmly within a trading range of between 2.5/ 3p to 10p. Any favourable news will simply allow the traders ( including the MMs ) to offload the shares that they have accumulated at these prices on the next spike at anything between 5p to 10p, as has happened numerous times in the last 8 years or so. I intend to sell off nearly half my holding on the next spike, and then keep the rest for a LTH position, with maybe the possibility of coming back in when the price falls back yet again to the previous well established support levels. If there is a significant rerate which actually sticks, then at least I will still benefit - but it's far more likely that the same patterns of the last 8 years or so will keep repeating.
Sorry to say it, but i said this weeks ago. Waiting to buy back in and do the same as last time. This time might get in lower though.
The pattern is there
Investor33: this recent move lower is nothing to do with dodgy MMs. It is simply what happens when a piddly AIM company that makes zero money, and requires cash raises frequently, fails to deliver.
I’m beyond disappointed this has dragged on for so long but the hard facts are that this was 1.6p in November and saw a big rise because MB came out of hiding to say the MG/Mining Minister had told him in October that it was all fine and would be sorted within 1-3 months. But here we are, still unable to extract any oil. One could argue that to be up ~100% despite that, and a cash raise to boot, is not bad!
Sadly, this is drifting back to the raise price of 2.5p unless news drops very soon.
Doc83 - I don't know how many people on here keep an eye on charts, but if you do this then you realise that we are simply currently sitting within an average trading range. As far as I'm concerned, nothing has changed since the special purpose designation was given by central government in early July. MB stated that July was lost due to the Mongolians going on holiday for the whole month, so it's now only 7 weeks or so that MATD have had to sort out the local bureaucratic formalities. We already know that agreements have been reached for the local herds people, so progress has been made in that respect. An RNS may drop at anytime, but I have my doubts that if it's favourable that the share price will instantly rerate to double digits and stay there. I think it will simply be an invitation for more wild price action movement in both directions.
Doc83 - this link is the one I use to look at charts. I select both barcharts and candlesticks ;
https://www.barchart.com/stocks/quotes/MATD.LN/interactive-chart
Investor33: " we are simply currently sitting within an average trading range."
What are your charts telling you is the bottom of the current trading range?
Doc83.
If you look at a chart going back to 2014 then you could easily draw support and resistance lines, with support between 2 to 3p. It has hit that support 8 or 9 times in that period.
If you use say a two year chart, then for most of February this year there was clear support at the 3p level. We look as though we have just bounced off that now, with a test spike down to 3p, and now finishing above that, which may well be a buy signal. Do your own research of course. Often before a move up happens there is a test down to a previous support level.
Just looking at my notes I had this at a buy position at 3.5p for a long time and moved in and out. (Normally out when Owl started hyper ramping)
I’ve set up a new buy order on Monday at 2.85 so let’s see if it gets filled?
By the way, the reason why the people who really drive the price action ( not you and me ) test down to a support level, is to check how much selling pressure there is at that price level. If they are lucky they might catch some stops as well. What they don't want is for a load of sell orders to come in when the price starts to rise - particularly if they haven't yet accumulated all that they want to accumulate at as low a level as possible. You don't want the price to go up against you whilst you are still accumulating. Sometimes they test back to a support level several times whilst they gauge the reaction, and how much selling pressure there is out there. Right now the support is around 3p.
Shortshrift - Apart from the first line, I agree with everything you wrote.
ShortShrift - agree with post in full. Very well put. Frustrating, but no choice but to be patient. It’s a very whinging board at the moment, but I can understand the frustration!