Don't pay too much attention to the movement of the MMNO options. They're very thinly traded, which throws technical analysis out the window.
It's a bit of a mystery why MMN don't seem to track the price of Silver as much as you'd expect, but the company has had far more bad luck than they deserve. Look for a turnaround on some good news shortly.
If you're looking at options though, check out those of their sister company, Malachite (MAROA). This week, they hit a low price for the year. MAR only need to get back to 30c and the MAROA oppies will double up to 10 or 12c in a heartbeat.
