Too busy this week to have a look at what’s been going on during...

Too busy this week to have a look at what’s been going on during the day, but looks like I didn’t miss much!- the slow accumulation grind continues. I’ve set two email alerts that trigger at price levels where I’d want to take a look and pay closer attention to. So on a lazy Sunday afternoon, here’s some thoughts about potential outcomes and charts to explain.

One alert is at 0.835 which is where I think is the first major support level is, based on ultra-high volume at this level in the past, has been tested 7 times since the recent breakout, and it’s also where the 50 day EMA sits right now (orange line on chart). A second and potentially stronger level of support kicks in at 0.805, where the 200 EMA (red line) sits and is the lower bounds of the ultra-high volume days during the breakout, and 0.80 is the high of the previous trading range.

Why this alert? If price re-traces in to this zone, then a bounce back with volume could be a good top up buying signal. A strong enough bounce could punch it through the current resistance. And of course if it drops right through this zone I would consider it a bearish signal. At the moment, however, it doesn’t look like coming near this level and struggling to fall below 0.86.
The other alert is at 0.90 which is the obvious point the price seems to be capped at the moment. There has been about $1M standing sell orders in starting at 0.89 to 0.91 which will act as a brake on price at these low volumes. Whoever is accumulating seems to be have a target price of 0.88 and below. If price pushes in to this upper resistance zone, it could potentially trigger a sudden increase in buying volume with shorts covering.

This sideways trading could go on for a lot longer for all I know, but looking ahead with a bullish view, there are other interesting price levels to consider.

At $1 we have some potential resistance with some past high volume trading and has been both support and resistance in the past. But the next ultra-high volume trading and potential hand brake on price increase doesn’t kick in until $1.15. This is from just over a year ago in early May 2017. We potentially have a lot of “stale” supply in this area where holders who bought back then and still hold take the first chance they get to quit their position. I imagine these guys as “fist shakers”, who for over a year now have been shaking their fist at their screens yelling “damn you MYX!” Apologies if this describes anyone here, but I think that analogy helps to illustrate why these resistance zones defined by ultra-high volume trading make sense.

Anyway, sorry long post, but if shorts get triggered in to covering, I think there is a good chance the sudden volume spike powers straight through the $1 resistance and not slow down until about the $1.15 mark. But as we all know anything could happen! Good luck!