OTCPK:MAUXF - Post by User
Post by
tooez1on Sep 11, 2015 6:56am
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Post# 24095228
Trading in the last few sessions
Trading in the last few sessionsshows a controlled sell-off. As an example, on its recent way up, trading through Barclays was decidedly supportive...in the last sessions B. was on the sell side. The moves are not large, nor is the volume, but the volume traded is at lower price levels.
The reason for this selling may have something to do with The Nigerian Presidential decree to stop supplying offshore refiners with Nigerian Gov. crude (as one astute poster noted last week). No investor takes Gov. interference lightly and may link it to what could happen to Mart. It may involve the other known factors as well.
We know Mart has tremendous resources and on stream oil, but it still needs to pay debts....the March moratorium is only on interest, not principal repayments.
Once that 20 cent support was broken, selling was confirmed, but it doesn't take a chart to see that. We need a turn around in the next 2-3 days, not just a modest support level otherwise the reason for selling will still be there and Mart could go slowly lower for quite awhile.
Today would be a good start...next week is crucial.