MPIX Daily Chart ~ The Anticipated Reversal is Underway
Link back to my chart of July 26 for my thoughts about a reversal from the mid .007s. So far, that call is looking good. Although the stock saw a couple of amateur hour openings at the high of the day resulting in solid candles, in reality MPIX has not been selling off from those morning highs. Yesterday the stock opened near the low of the day and continued to trade well, with bidders absorbing all selling as has been the trend for months and closing at the high of the day. A quick look at the indicators show a continuation of the RSI bounce of its oversold level of 30. The FullSto also reversed from its oversold 20 line and has crossover to a buy signal. The fast MACD already crossed over a couple of days ago as I noted in my previous post. The slower MACD crossed over late yesterday from a fairly oversold level. The accumulation of the stock has continued almost daily since the October lows of .0008. Scrolling up to the chart, although a nice move from the mid .007s, I would like to see the buy volume increase to help in confirming the reversal. The stock has closed above the MA200 while testing it over the last few days. Just as the stock tested this long term moving average during the Feb to Apr consolidation, I also expect the stock to rally sharply off these levels. We don't have a buy signal yet with the various moving averages. The MA7 (white) needs to cross over the MA16 (pink). The stock price is nearing the all important MA20, aka the Middle Bollie, which is currently at .0118. After the 20, the next target will be the MA50 at .0142. As I've mentioned to most everyone asking me, MPIX is not a chart play. It is 100% a fundamental investment as the new T.E.A.M. continues to build a solid foundation for future growth and profitability. But a good looking chart will assist in bringing in traders which adds needed liquidity for many individuals who are following along. We are expecting the release of the Attorney Disclosure Letter any day now. After that, I would hope to see a very large OS reduction. A Shareholder Update from CEO Victor Siegel stating the direction he wants to take MPIX. Continued releases and updates from that point on will keep the long term investors appraised and loyal for the long term hold in which I see a stock price trading much higher than the old high of .0885 in 2011. My strategy here has not waivered since buying as low as .0008. That, simply explained, has been to accumulate all pullbacks/dips. Victor Siegel, Saul Federman, and Rick Garson will build MPIX into a global entertainment company, and I'm hoping many of my friends are along for a nice ride much higher once they begin executing their business plan. GLTA
