Having a look at MEP being the half brother of ADN, which usually sees good interest on market whenever ADN goes for a run.
Off the back of some average results out for one of their other JV projects yesterday some decent selling on market most likely from a few new shareholders that came on via the 5c placement. The sellers were still active on market at the 5c level for quite a few shares. This looks to now have eased up.
I'd expect that courtesy of the ongoing parabolic move in ADN that seems to be sustaining and heading towards the 10c magnet, we could certainly expect more interest for MEP on market in the coming days ahead.
Looking at the technical setup, Stochastics coming out of over sold levels after a few tests of the 4.8c support line.
A close at 5.3c or better would be very bullish for MEP in the short term as this would see the price action back above the 15 and 30 day MA and would open the door for a move to 6c to close the overhead gap created recently. This would also see a positive cross for MACD back above the 0 control line.
I think it's only a matter of time until this plays out for MEP. A pretty low risk entry for those looking for exposure or may have missed the sudden surge in ADN.
MEP Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held
