CMG Holdings Group Inc (CMGO)

[coolnapz]

$CMGO price consolidation

As mentioned yesterday profit taking on a stock up 500% from the lows should come as no surprise. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75865789

However, the vicinity of the 200 DMA is a good area for initial entry or for that matter re entry. I say this with the perspective of the weekly chart which I posted yesterday (link below) which shows that the stock traded as high as 40 cents barely a year and a half ago, and also because we have the Audio Eye divvy deadline on 5/31. There are also the reasons in the sticky at the top of the page which is labeled 45% revenue year over year.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=75867966

In today's price action we saw people lock in profits and probably some weak hands let go because of the choppy action. However as mentioned the 200 DMA vicinity is good support. The chart retraced almost 61.8% intraday as well which can be indicative of a pullback before another move back up.

One recent illustration of this setup can be seen in the SPY today which bounced hard off of 130 before rallying up to 131. It retraced exactly to 130.40, a 61.8 retrace before ripping up to close at 132.23.

Obviously $CMGO is a lot less liquid than the SPY but you get my point.