After spiking further that day up to $3.35 it consolidated for the next few days as there was nothing new to get this stock going.
But yesterday this came out just before the market opened:
The Company proudly announces that its October and November production targets for the current calendar year were achieved. In fact, production in November was the [highlight]highest production month in gallons in the Company’s history[/highlight], surpassing September and October by more than 60,000 gallons for each month.
As a result of this tremendous production growth, Methes anticipates that it will record[highlight]higher fourth-quarter revenues than any previous quarter in the Company’s history[/highlight].
Methes President Nicholas Ng said,
“We are pleased with our fourth-quarter production numbers and are working on doing even better in 2014.[highlight]We are also busy with several projects that are already drawing considerable interest and which we expect will make a big difference next year[/highlight], including the possible consummation of the OTC technology acquisition for which we have entered into a letter of intent.”
I watched the opening and saw MEIL spiking after a while. It took about half an hour before the news got to the traders. Soon it got over $3.00 and then volume kicked in.
It stalled a moment around $4.50, which was about the IPO price of MEIL when they went public last year.
But it showed enough strenth in it’s Level II for me to hold on to my position. Soon it spiked up to it’s day high of $5.50, over 100% gain intraday.
It couldn’t hold that and started to fade, as the volume was drying up too I finally decided to sell and got filled at $4.79
It appeared to be a good point to get out as the rest of the day it faded even moren and closed at $3.86. Even that would still be a nice 1 $/share profit from my entry at $2.90.
Even though this stock still looks interesting to me and I think it stil can go higher from here but I’m glad I sold my shares at $4.79 and making a great profit of 1.89 $/share, or 65%!
|Profit / share
As mentioned I still believe this stock will go higher as the outlook is so strong. Revenues are going to be great and they are working on several new projects that can give them even more business. So I will keep this on my watchlist and probably rebuy this later.
Average 3-months volume