Agree Daphil, the market works like a pendulum, it swings from one extreme to the other, in terms of price. It hardly ever is in the middle where the fair value lies. It's year high was 12.5 c its low 3.8c. Neither were probably fair value. It currently is sitting closer to the low than high and seems to have stabilised at this price.
Could this be a good buying opportunity? The buy/sell ratio is virtually 1:1 which is a neutral sort of sign. The most significant support is actually at 5c so there is room to drop further. There are small gaps in the 4c which are unlikely to get filled. The flip side is that there is very little resistance. It could easily run to 12c. After that ????
The revenue is the key, how quickly can they get cannepil produced, authorised and sold.
MXC Price at posting:
5.9¢ Sentiment: Buy Disclosure: Held
