What was amazing has been the amount of selling. They had to run it up and pull the buy to let it rush back and then come back and buy up again repeating this over and over. Then they let it break support and it did and it just sat there, so up it went again. Yesterday's .20 cent blast was on about 200k which is nothing for this stock. It used to require about 100k per penny to raise this stock price.
If there isn't a lot of selling during the decline phase, then once the trend reverses, MHR should begin to move more quickly on less volume. I believe that institutional holdings will prove to be higher during this period as well as long term shorts having dropped. Both would buy during any pull back.
MHR, for the time being, essentially has transitioned from a trading stock to an investment. Once the move completes (where ever that price eventually is) it will return, but accumulation is the name of the game right now. So I don't think we need news.
And don't forget this is the end of the quarter. Many funds lightened up with certain expectations for the market that have .... changed. This is going to produce almost panic buying in some stocks. (not that MHR will be one of those) So wouldn't that make this a triple witcher for options too?
Which direction offers the path of least resistance?