The Deep South Resources (OTCMKTS:DSMTF) stock was one of the major losers yesterday and tanked by as much as 44% after the company got a major setback.
The company announced yesterday that it received a notice from the Ministry of Mines and Energy of Namibia which informed Deep South Resources that its application for renewing the Exclusive Prospecting Licence 3140 has been denied.
The renewal application was rejected by the ministry due to Deep South’s failure to take forward the license to Pre-Feasibility and for having failed to complete its drilling activities as planned. While it goes without saying that this is a major setback for the company’s operations in Namibia, it is necessary to point out that Deep South has requested a meeting with the industry so that the decision could be reviewed and ultimately reversed. The ministry has granted the company a meeting regarding the same. The company believes that the situation is a case of misunderstanding.
Market Reaction:
On Thursday, DSMTF stock slumped by 44% to $0.1016 with more than 1.75 million shares, compared to its average volume of 78k shares. The stock has moved within a range of $0.0900 – 0.1159 after opening the trade at $01086. Over the past 52-week, the stock has been trading within a range of $0.0250 – 0.2500.
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 0.1704 | 0.1760 | 0.1788 | 0.1844 | 0.1872 | 0.1928 | 0.1956 |
| Fibonacci | 0.1760 | 0.1792 | 0.1812 | 0.1844 | 0.1876 | 0.1896 | 0.1928 |
| Camarilla | 0.1793 | 0.1801 | 0.1808 | 0.1844 | 0.1824 | 0.1831 | 0.1839 |
| Woodie | 0.1774 | 0.1795 | 0.1858 | 0.1879 | 0.1942 | 0.1963 | 0.2026 |
| DeMark | – | – | 0.1774 | 0.1844 | 0.1858 | – | – |
 Stock Slide 44% On High Volume?){kind=link}