Midday Alert: Manitok Energy Inc. (CDX:MEI:CA) Pressures TSX Venture Basic Materials Stocks with 3.45% Decline in Morning Trading on December 6

Manitok Energy Inc. (CDX:MEI:CA) is amongst the weakest basic materials stocks listed on the TSX Venture Exchange through noon on December 6, with a fall of 3.45%. After closing the previous session at $0.145, shares of MEI:CA opened this morning at $0.14 and are currently trading at $0.14. At the lunch break, about 7,650 shares have changed hands, compared to an average 30-day volume of 372,046 for Manitok Energy Inc.. Shares moved as high as $0.145 and as low as $0.14 in today’s morning action.

The share depreciation gives the company a market capitalization of $32.92 million based upon 227.05 million shares outstanding.

In the past 52 weeks, shares of Manitok Energy Inc. have traded as low as $0.1 and as high as $0.28. Technical traders will take note that at $0.14, shares of MEI:CA are trading above their 50-day moving average (MA) at $0.131 and below their 200-day MA at below $0.161. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move beneath or holding under them is typically regarded as bearish.

Who is $Manitok Egy?

Manitok Energy Inc is engaged in the exploration for, and the development, production and acquisition of petroleum and natural gas reserves. The company is led by its CEO Massimo M. Geremia from its headquarters at 585 – 8th Avenue SW.

For more information on Manitok Egy and other companies trading on the TSX Venture Exchange, as well as other Canadian and American stock exchanges, or to be considered for contributing content for our distribution network, visit FinancialPress.com today.

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About the TSX Venture Exchange

Owned and operated by the TMX Group, the TSX Venture Exchange is a public venture capital marketplace for emerging companies. It is headquartered in Calgary, Alberta, Canada with offices in Toronto, Vancouver and Montreal. All trading on the exchange is done electronically. Originally established in 1999, the “Venture,” as it is often shortened, was previously known as the Canadian Venture Exchange, but renamed in 2001 subsequent to the TSX Group (now known as the TMX Group) purchasing it.

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