A breakout can often be in the horizon if a stock is in consolidation mode for an extended period of time and hence, it might be a good move for investors to watch such stock closely. The MMEX Resources Corp (OTCMKTS:MMEX) stock has been in a similar phase for the past month and it might be right time to look into it.
The company is involved on acquiring, developing and also financing infrastructure, oil, refining and gas projects in South America and in Texas in the United States. Last month the company announced that it inked the project related agreements with regards to its inaugural hydrogen and clean fuels with carbon capture projects.
In addition to that, the company also announced at the time that it was looking to expand the site that it owns in Pecos County in Texas. It was a major announcement from the company considering the fact that it could have far reaching ramifications for the future of MMEX Resources. The Chief Executive Officer and President of the company Jack W. Hanks also spoke about the developments. He stated that MMEX is looking to expand its operations in Pecos County in order to build its solar power projects.
Market Reaction:
On Friday, MMEX stock fell 7.70% to $0.0006 with more than 207.84 million shares, compared to its average volume of 311.81 million shares. The stock has moved within a range of $0.0006 – 0.0007 after opening the trade at $0.0007 Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0249.
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