Interesting analysis. However, I think an important point to note is that the buying at the 1c and 1.1c levels, has been happening throughout the whole month of January. With 1.1 being tested numerous times. I suppose this is why we saw it as such a critical technical level.
Having said that, I agree that a lot of day traders got a bit scared and did sell at a loss yesterday. They probably had conditional buy orders in at 1.2c. Only then being forced to sell when the rally did not continue. But this does not seem like your everyday p&D. I also studied the trading and it seemed someone was keen to keep feeding 1.2c after 1.1c was broken, determined not to let the price climb to quickly. This was exactly what happened on the volume spike last week into 1.1c. My opinion is that this was done to prevent a speeding ticket.
So the two opposing possibilities could be that someone is accumulating pending news of an upcoming venture and wants to keep the price growth as steady and quiet as possible. Or that the price has been artificially inflated so that major shareholders can exit at a large profit.
But seeing as 70% of holdings are held by top 20 and any large exits would have to be reported to market. Because of this, and the technicals including the Acc/Dis indicator, I subscribe to the former possibility. It is just that there have been a few major investors buy in over the past month or two (albeit at lower prices). It seems like the company is setting themselves up ready to start afresh. Just my opinion. They do have a very good piece of patented technology. What are they going to do with it? Start a shelf company that does nothing hoping to make a quick buck on the hope that day traders will inflate the price on manufactured technicals, or actually try to do something worthwhile with what they have? hmmm...... we will see.
MMZ Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
