Thursday, July 26, 2012 4:49:35 PM
$MPIX Classic bullflag consolidation pattern forming
My technical calls on $MPIX have made me a lot of money this summer which anyone here can deduce by simply looking at my calls on this stock. The charts and technical patterns are all that matter in the trading game, and what we have forming now is a bull flag pattern which is setting up the next leg of the move.
A bull flag is a formation where there is a rally on big volume, followed by a period of lighter volume price consolidation inside of the rally, which indicates an 80% chance of a continued move up.
http://robinhoodtrader.com/2010/01/23/technical-talk-the-bull-flag-chart-pattern/
Today $MPIX was slow off the starting blocks, got knocked down to the 20 DMA support, but then ultimately closed back near the highs just under the half penny level. This could take a few more days to build a base so watch for buying opportunities on any intraday moves to the moving averages because this stock is coiling for a strong upmove.
My technical calls on $MPIX have made me a lot of money this summer which anyone here can deduce by simply looking at my calls on this stock. The charts and technical patterns are all that matter in the trading game, and what we have forming now is a bull flag pattern which is setting up the next leg of the move.
A bull flag is a formation where there is a rally on big volume, followed by a period of lighter volume price consolidation inside of the rally, which indicates an 80% chance of a continued move up.
http://robinhoodtrader.com/2010/01/23/technical-talk-the-bull-flag-chart-pattern/
Today $MPIX was slow off the starting blocks, got knocked down to the 20 DMA support, but then ultimately closed back near the highs just under the half penny level. This could take a few more days to build a base so watch for buying opportunities on any intraday moves to the moving averages because this stock is coiling for a strong upmove.
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