Posted On: 10/06/2013 11:33:59 AM
Post# of 5570
MPIX Daily Chart ~ Reversal to the Upside Underway
As was mentioned a few weeks back, MPIX was testing the low end of the channel which was established earlier in the year from late January into late April. Instead of the three months of consolidation back then, September saw just three weeks of testing the low .005s before MPIX found its way back over the upper end of that channel. The last two weeks has started to see the stock testing the support of that same channel in the .0075/.008 range. The MACD is beginning to show separation after crossing to the buy side two weeks ago. Both the MFI and CMF are showing a good move from their oversold conditions of mid September. The RSI is back over its 50 line. The MA50, 100, and 200 are just above Friday's close, and those will be the resistance points that the stock has to recapture shortly. I'll post a shorter timeframe chart next so those moving averages can be better viewed.
As was mentioned a few weeks back, MPIX was testing the low end of the channel which was established earlier in the year from late January into late April. Instead of the three months of consolidation back then, September saw just three weeks of testing the low .005s before MPIX found its way back over the upper end of that channel. The last two weeks has started to see the stock testing the support of that same channel in the .0075/.008 range. The MACD is beginning to show separation after crossing to the buy side two weeks ago. Both the MFI and CMF are showing a good move from their oversold conditions of mid September. The RSI is back over its 50 line. The MA50, 100, and 200 are just above Friday's close, and those will be the resistance points that the stock has to recapture shortly. I'll post a shorter timeframe chart next so those moving averages can be better viewed.
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