What im talking about is best seen on this chart, the 15 min
Keen observation. As you pointed out the daily still look like a bearish flag, and possibly inverted head and shoulders. And the volume on the dailies are reducing...
Thought I'd just throw the chart in for good measure. $1.28 is a key level.
May the force be with you... during xmas parties
Could this be some sort of deliberate hidden buying, to fool others into selling at lower prices? Because lets face it not everyone has access to tick data, so to 99% of people this is a short set-up?
this would enable the smart money to
(a) Supply themselves at lower prices
(b) remove excess supply to enable much higher prices.
I just doubled my position this morning, im so sure of this.
Could this be some sort of deliberate hidden buying, to fool others into selling at lower prices? Because lets face it not everyone has access to tick data, so to 99% of people this is a short set-up?
this would enable the smart money to
(a) Supply themselves at lower prices
(b) remove excess supply to enable much higher prices.
I just doubled my position this morning, im so sure of this.
Hi luke, i was trading this on a much shorter timeframe and bailed out recently, (as a quick and dirty reversal trade)
It reversed on the 9th dec (made a higher high too but couldn't hold on), had no follow thru on the 10th dec and made a lower low the next day.
Even on the 15th it ran to $1.40 but quickly reversed again.
IMO there was a hidden seller there dumping stock whenever it tried to rally.
Lots of other stocks have successfully reversed like BAU or FXL... MPO's weakness is when others were rallying was concerning.
Good luck.
I'm not so sure about all that. It is at a support level so probably a buy zone for quite a few.
A break of $1.25 and it could fall pretty quick - might hit a few stops. A break of $1.40 could see it run.
We could also see a test of the $1.25 level by the "smart money" to pick up any stops that are triggered.
A million possibilities as to why all that matters is what actually happens.
I just doubled my position this morning, im so sure of this.
nomore4s,
What creates this support level?
My findings show that support, especially of this magnitude, ie volume, is due to much larger influencing parties. Simple private buyers do not have the capacity to influence the market in this way, in such large volumes.
So for such a large amount of volume to be traded at these levels i must conclude it is smart money positiong in a basing formation, rather then a poor momentum swing point.
Now a good basing pattern should occur over a longer timeframe, usually months. In this case it is days. So it could be there is a hurry to get into the stock as a move is imminent sooner rather then later.
This is obviously just my opinion. would like to hear yours
lukeaye,
I'm never 'sure' about any position. I assume they are wrong until the market proves them correct. If I had to have a position in this, I would have purchased a couple of weeks ago and been out by now with a flat trade. My experience shows that the longer they go in this type of sideways/slightly higher meander after a biggish fall, then the less reliable it is to pick direction.
As this is the potential breakout thread, I see the only potential as a break DOWN, but it is in the middle of no-where-land for me. (read, need too wider stop for any position)
brty
take a look at BHP when it was first listed,
then the less reliable it is to pick direction.
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