Is Thursday, Feb 9th the day MJTK breaks out?
I have been looking for a few sequential ingredients to kick off this next cake tower
1) THE TAKEDOWN
Yesterday the MMs took out the .0056 double bottom and went down to .0052 but nobody bit on the move and it promptly went back to .0055
2) THE HORIZONTAL MAMBO
I've been looking for MJTK to trade horizontally along the .0055/.0056 level because that represents the recently formed double bottom and is also the level we traded at horizontally for several hours on the 2nd day of the initial breakout back in January, before the stock took off and closed at .0077 -- during the 2nd half of yesterday and the first half of today's trading we traded horizontally along the that support level
3) THE DRYING UP OF BOTH VOLUME AND SELLERS
Today in the afternoon we moved off of the horizontal support level and the sellers completely dried up as the ask hits outweighed the bid whacks by a ratio of six to one...
At the same time, the volume really dried up as today was the lowest volume day since November, if we ignore 12/20
There was no hint of any convertible debt sales and the T-trades reported after market close were not the typical big round number multimillion blocks we have seen associated with the convertibles, but were rather typical of retail trades
These are 3 signs I have been looking for that may be suggestive of an imminent breakout
MJTK did put out a press release 2 weeks ago on a Thursday...
Will we get some news tomorrow?
Do we even need news to trigger a breakout?
There is no guarantee that tomorrow is the day, these are just a few of the signs I've been patiently waiting for that increase the probability of an imminent breakout
Sleek
