AI
Thursday, August 02, 2012 4:44:12 PM
Nested bull flag on $MPIX/impending bullish cross
Before taking a trade I need numerous reasons to put my money at risk. The more factors that support a bet the higher the odds.
I've already mentioned that a bull flag pattern was forming with price trading above the moving averages, and that we are on the brink of a bullish cross of the 20 DMA over the 50 DMA.
However today MPIX has had it's second day in a row trading at the highs of the most recent bounce off of the .003/20 DMA support level. If this pattern continues we will have a bull flag within a bull flag as well as a bullish cross.
This shows us that there is a great deal of anticipation for a bullish catalyst in the very near term and once it hits should be our ticket to piercing the 1 cent area.
Before taking a trade I need numerous reasons to put my money at risk. The more factors that support a bet the higher the odds.
I've already mentioned that a bull flag pattern was forming with price trading above the moving averages, and that we are on the brink of a bullish cross of the 20 DMA over the 50 DMA.
However today MPIX has had it's second day in a row trading at the highs of the most recent bounce off of the .003/20 DMA support level. If this pattern continues we will have a bull flag within a bull flag as well as a bullish cross.
This shows us that there is a great deal of anticipation for a bullish catalyst in the very near term and once it hits should be our ticket to piercing the 1 cent area.
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