MYX recently hit a 52w high on good news and now that the dust has settled around 45c, this could be primed for another swing upward to test resistance at 50-55c. Sellers on volume seemed to have dropped off as well.
Within a major downtrend and a potential Head $ Shoulders Bottom Pattern with it's target as shown (if the pattern is successful).
Can it crack the NECKLINE resistance and race to it's target ?
Wait and see from here on...
This analysis is for educational purposes only and it is not an investment advise.
looking at this penny stock as a running flat possibility. wait for confirmation on the upside. look for an impulse --> 123 to break the downside trendline then long to break the 2.00 mark
I'm reading at the moment about the 4 stages stocks go through (ideally you want to buy at the start of a stage 2 rally). The current book is Stan Weinstein's one.
Anyways looking at Mayne Pharma, you'll note the trading range until the start of June has been getting tighter. Now it has broken above the trading range and looks set to hold. Not to mention the last...
-19 Week Ascending triangle
-Weekly bollinger band squeeze
-Daily bollinger band expansion
-Breakout volume on the daily
30 basis points of risk
Was not anticipating this trade as it was on my developing patterns list, not my breakout list but got an alert 10mins before the close
A lot of good confirmatory signals
Don't fret with today''s (24/004/2018) share price drop. We still have a long ways to go before this wedge resolves for the up side. Technically it should resolve before 3/4 of the way. So to give that a timeline it would be early November onward before we see a good pop. Hold tight and keep buying those dips...
Technically MYX has a few technicalities going for it.
1. The 50 is about to cross the 200 day moving average to the upside.
2. The head and shoulders pattern has now resolved.
3. Double bottom. First bottom mid-Nov and the second mid-Feb.
Technically MYX is due for a break out soon...