AI
Monday, July 16, 2012 10:36:12 PM
$MPIX Higher low pattern continues on daily chart
The stock continues to make higher lows on the daily chart. Despite the selling volume, bids continue to creep up higher and higher indicating that accumulation is occurring at these discounted levels. That my friends is bullish. I don't have a trigger for a vertical rally bar in mind, so I think this will just continue to creep up until it trades above the moving averages to validate a change in trend.
Once $MPIX starts to trade above the 20 DMA and hold the level, the next priority will be to trade above the 50 DMA. This is obviously a forecast for a slow grind, but that is what the charts are showing. This is what happens during bottom formations when new money steps up to the plate to accumulate shares patiently for a longer burning rally.
The stock continues to make higher lows on the daily chart. Despite the selling volume, bids continue to creep up higher and higher indicating that accumulation is occurring at these discounted levels. That my friends is bullish. I don't have a trigger for a vertical rally bar in mind, so I think this will just continue to creep up until it trades above the moving averages to validate a change in trend.
Once $MPIX starts to trade above the 20 DMA and hold the level, the next priority will be to trade above the 50 DMA. This is obviously a forecast for a slow grind, but that is what the charts are showing. This is what happens during bottom formations when new money steps up to the plate to accumulate shares patiently for a longer burning rally.
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