Tuesday, August 14, 2012 4:29:56 PM
Light volume day, bullish pattern continues to build
With barely over 1 million shares traded, today's volume is less than what most of us here own. Intraday $MPIX pierced support areas at the 20 DMA, the green trendline, and the .0045 breakout area, but ultimately closed at the high of the day.
This low volume selling tells me that there is no conviction behind the selling and that the bigger shareholders are in their position. If you look back at the volume earlier this month when $MPIX saw 13 million and 15 million share days, it was to the upside.
As the saying goes, action speaks louder than words and this month the volume clearly shows more buying than selling. Any selling that has occurred has been extremely light when compared to the buying. August is historically a light volume month so patterns can take a bit longer to develop.
$MPIX is holding a bullish consolidation on this rally and pullback into major support, and the odds point at a move to at least a penny once the party gets restarted.
With barely over 1 million shares traded, today's volume is less than what most of us here own. Intraday $MPIX pierced support areas at the 20 DMA, the green trendline, and the .0045 breakout area, but ultimately closed at the high of the day.
This low volume selling tells me that there is no conviction behind the selling and that the bigger shareholders are in their position. If you look back at the volume earlier this month when $MPIX saw 13 million and 15 million share days, it was to the upside.
As the saying goes, action speaks louder than words and this month the volume clearly shows more buying than selling. Any selling that has occurred has been extremely light when compared to the buying. August is historically a light volume month so patterns can take a bit longer to develop.
$MPIX is holding a bullish consolidation on this rally and pullback into major support, and the odds point at a move to at least a penny once the party gets restarted.
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