Weak hands shaken out, lower support tagged Today
Post# of 5570
Weak hands shaken out, lower support tagged
Today's volume of 12.6 million shares is actually decent volume. The bears have kept the pressure on for over a week at this point and followed through with a big bear raid to scare out any weak hands from holding into the weekend.
Intraday you can see that the low was put in right above the higher low pattern formed by the mid May to mid July lows. You can also see that it tagged the open from the breakout in mid July. That is significant because that marks a major loading point for people who played the last pop.
Expect for further shakeouts and more loading by the bigger traders in the days/weeks to come before we get our rally back up.
The higher low support line may be retested shortly, but if it couldn't break all of May-July, I don't see it breaking this time now that MPIX has an investment banking relationship.
[IMG]http://i.imgur.com/CwTAE.png[/IMG]
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