MPIX Daily Chart ~ The Ole Cup and Handle Indeed!

MPIX Daily Chart ~ The Ole Cup and Handle Indeed!

A nice long, handled hammer yesterday! A very strong come back from an intraday low of .0145 which bounced off the MA7. The stock has a little bit of work to do yet, but the consolidation after the huge, one week move from the .005s to .019 continues. As Ad1 noted, MPIX is in a 'cup and handle' formation. What one should look for now, which could occur at anytime or a couple of weeks yet, would be a break up and over the high point of the handle. That point is .019 which also represents the double top of the .019/.02 established in mid Dec and early May. While a few flippers and impatient traders have decided to sell and move on, the accumulation continues during this correction. The same occurred in the .005s/.006s with many flipping for short term gains of 10-40% when the stock moved above .0075. The eventual pop over .0091, the high of March, and MPIX was running to the recent high of .019. The same will happen here soon. Once the selling volume dries up, the stock will begin the next leg up. So what I would like to see next is a large volume day taking the stock to a move and close over .02. Note the red volume sticks as the volume is drying up. Those waiting for a drop back into the .00s as was seen back in Dec just might be dreaming about the gains they could have had once the next leg is underway. GLTA