Here’s a chart for your infotainment I did a month ago and just...

Here’s a chart for your infotainment I did a month ago and just updated, looking for support and resistance zones based on previous Ultra High Volume (UHV) and High Volume (HV) trading days. It’s amazing how consistently levels based on these events come in to play - particularly when there has been a sudden price drop with high volume in the past that may have effectively “trapped” many holders who may potentially become willing sellers (resistance) when price comes back and challenges these areas. Really good for identifying/anticipating levels where support and resistance may occur and potential trading ranges.

So from the chart, the last sudden high volume sell-off event that comes in to play is from early May 2017, where price dropped suddenly from $1.36 to $1.15, which is the zone we are in now. Often these zones become the “hand to hand combat” areas where it becomes a slow grind to absorb all this selling, and remove the resistance before price can continue up at a greater pace. The last few weeks is typical of what Wyckoff/VSA call “potential bullish absorption”, which could include some further “tests” of supply at recent price levels where price could pull back a few times to absorb left over supply while working its way up.

Currently however price is working its way up quite quickly and closing high on the daily bar on relatively low volumes (not much effort), which indicates there is little selling pressure. So unless there is some sort of unforeseen negative news to drive a short term selling event like a shakeout (a violent test), it seems more likely we continue the grind up to about the $1.36 level, where there is potentially more breathing room and the pace could pick up even further. As far as support levels go, $1.20 should be defended strongly and swiftly so I’ll be looking for another top up if it gets anywhere near there again!

Not that I’m big on predictions, MYX is continuing to look solid, I just find reading the background of the chart and potential outcomes helps put the day to day price movements in to context and perspective.

Good luck everyone!