Monday, August 20, 2012 4:16:15 PM
$MPIX bears attempt to break daily support
I am in multiple penny stocks right now and it's funny to have the time and sales open especially towards the end of the day. That is where the paint jobs are the most obvious.
$MPIX bears poured the shares on at the end of the day in an attempt to clear out all the bids in the .0039 area and get the stock as far under the .004/20 DMA support level as possible. Their hopes are to discourage other bulls from coming in with bid support, and obviously to make a down day on the closing print.
They have no other choice because the stock was threatening to rally today with a move above the 20 DMA. What I find with penny stock bears is that they love to pour on the shares at major support levels, which is something they usually accomplish via naked shorting.
The problem is that when they fail, it leads to a massive short squeeze rally as seen in the historic levels of volume in mid to late July when there were 4 days with 25 million shares traded a day!
This is a shakeout folks, plain and simple. Unfortunately for the bears, we are on to their tricks and buying all their air shares at a major support level.
Because of today's action, and outright desperation to break support, I am upgrading my initial price target from 1 cent to 1.5 cents. Short squeezes are a real byotch.
I am in multiple penny stocks right now and it's funny to have the time and sales open especially towards the end of the day. That is where the paint jobs are the most obvious.
$MPIX bears poured the shares on at the end of the day in an attempt to clear out all the bids in the .0039 area and get the stock as far under the .004/20 DMA support level as possible. Their hopes are to discourage other bulls from coming in with bid support, and obviously to make a down day on the closing print.
They have no other choice because the stock was threatening to rally today with a move above the 20 DMA. What I find with penny stock bears is that they love to pour on the shares at major support levels, which is something they usually accomplish via naked shorting.
The problem is that when they fail, it leads to a massive short squeeze rally as seen in the historic levels of volume in mid to late July when there were 4 days with 25 million shares traded a day!
This is a shakeout folks, plain and simple. Unfortunately for the bears, we are on to their tricks and buying all their air shares at a major support level.
Because of today's action, and outright desperation to break support, I am upgrading my initial price target from 1 cent to 1.5 cents. Short squeezes are a real byotch.
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