MMR - unsustainable ramp

Mcmoran exploration (MMR) has seen a pretty explosive ramp in the last two weeks, rising from the low 8s to the mid 12s. . 50% !

This ram is completely unsustainable, not least with the underlying economic data continuing to worsen.


MMR, daily

Summary

First target would be a retrace to the psychologically important $10 level. A fail to hold there, and a retest of the recent low of $7.76 will be likely.

Considering the main market is set to fall to sp'1150 or so...MMR will be one to watch in July.