BeaconEquity.com issues TraderNotes on QMNM for July 8
Quest Minerals & Mining Corp. (QMNM) TraderNote – QMNM's Pond Creek Location Ready to Commence Coal Production Operations
Quest Minerals & Mining Corp. (QMNM) shares fell nearly 9% to 2 cents Tuesday. Quest Minerals engages in the acquisition and operation of energy and mineral related properties in the southeastern part of the United States.
Quest Minerals recently announced its Pond Creek Location is ready to commence coal production operations pending the issuance of final directional engineering reports “spats” by its internal engineering firm, Alchemy Engineering.
Management expects said reports to be issued by July 9, 2008, and plans to update the public with production numbers in the coming weeks.
According to Eugene J. Chiaramonte, Jr., president of Quest Minerals, the company now has the equipment and people in place today to initiate mining operations at its Pond Creek Location.
Quest Minerals holds approximately 30 coal leases covering an area of 700 acres located in Pike County, Kentucky.
In today's daily chart, QMNM's RSI indicator with a reading so far of 56.43% is in the bullish near neutral zone with the line horizontally-oriented. MACD indicator reflects a strong bullish signal with the histogram reading above the 0 level at 0.00016 and the 12-day and 26-day EMAs at 0.006 and 0.005, respectively, indicating an increase in moving averages. Slow Stochastic indicator with readings so far of 9.64 %K and 11.55 %D almost confirms an oversold condition or buying move upon the lines' crossing back above the 20% level. With share prices hitting the stock's 52-week low of 0.06 cents June 4, a significant support level or buying entry point was established, pushing up prices 4,400% to their present level.
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