On Tuesday, the MDM Permian Inc (OTCMKTS:MDMP) stock was one of the more notable movers as investors piled on to the stock in a big way and sent it soaring by as much as 24% for the day. In light of such considerable gains, it may be a good time for investors to consider taking a much closer look into the developments from yesterday.
Trading Data
On Tuesday, MDMP stock soared 24.07% to $0.2010 with more than 5.60 million shares, compared to its average volume of 2.06 million shares. The stock moved within a range of $0.1400 – 0.2250 after opening trading at $0.1655.
MDM Permian, Inc. Lindley #4-A Drilling Schedule
The company came into focus yesterday after it announced that it had actually completed the plans with regards to its drilling activities at the Lindley #4-A well that is situated in Irion County in Texas.
The company also announced that at this point in time it has the permission to drill up to a depth of as much as 2000 feet and that depth is going to allow it to target the prolific San Angelo Sands. It goes without saying that the announcement of the plans was a major new development for MDM Permian and hence, the price action in the stock was perhaps not surprising. At this point in time, it may be a good idea for investors to consider adding the stock to their watch lists and watch for the price action.
Technical Data
MDMP stock is trading above the 20-Day and 50-Day Moving averages of $0.16 and $0.10 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.09.
