Thursday, June 21, 2012 10:34:30 PM
Bullish higher low pattern points to further upside
As many of you $MPIX bulls know, I have banked multiple times on the $MPIX trade by ignoring the bears and focusing exclusively on the chart patterns and price action.
I am still holding my 2nd half position from the last pop off of the retest of the .001 area. I will put some more bids out at a pierce of .002 in case it gets down there, but the pattern right now is very bullish.
1. There is a higher low pattern as illustrated on the chart below. This means that the lowest that the bulls are letting the price go is getting incrementally higher and conversely the bears are slowly losing the grip on pushing the price lower.
2. Price is trading right above .002 master support. I already went over this support level extensively and it's importance so no need to rehash, it is a very strong support level from all the data available.
3. Accumulation continues to trend upwards off of the lows.
Once again I'm just a trader that likes to make money. Jump on board and enjoy the ride.
As many of you $MPIX bulls know, I have banked multiple times on the $MPIX trade by ignoring the bears and focusing exclusively on the chart patterns and price action.
I am still holding my 2nd half position from the last pop off of the retest of the .001 area. I will put some more bids out at a pierce of .002 in case it gets down there, but the pattern right now is very bullish.
1. There is a higher low pattern as illustrated on the chart below. This means that the lowest that the bulls are letting the price go is getting incrementally higher and conversely the bears are slowly losing the grip on pushing the price lower.
2. Price is trading right above .002 master support. I already went over this support level extensively and it's importance so no need to rehash, it is a very strong support level from all the data available.
3. Accumulation continues to trend upwards off of the lows.
Once again I'm just a trader that likes to make money. Jump on board and enjoy the ride.
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