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Strategies & Market Trends : Ted Warren's Investolator -- Ignore unavailable to you. Want to Upgrade?

To: investolator2000 who wrote (1017)	4/13/2022 1:54:06 PM
From: WEagle	Respond to of 1798

I haven't been able to study MMLP's move too much -- just a shortage of time. However, in my readings/studies in the last 2 or 3 months, I have learned that when on a daily bar chart, a stock breaks above a resistance level, whether that be a horizontal line touching several tops or an upper trend line, and if that breakout is accompanied by significantly higher volume, and especially when the price gaps up, it is often the sign of a new significant price move up. Sometimes the price will drop back temporarily before the big move really gets going, but the move up is highly probable. In the MMLP daily bar price chart, I noticed that on March 7 the price broke through the upper trend line which included a gap up and there was a big increase in volume for the day. The following day price continued up. It then began to fall back but eventually continued the move up to around 4.7. A new upper trend line can be drawn connecting the tops of early and late March. Today, the price has broken through that trend line after it opened with another small gap up. It is looking like today could also be a big volume day. If this holds up, I would judge this to be another positive for the stock. I have been a little concerned about the RSI. The weekly bar chart produced an RSI of about 75 a few days ago. That is getting in the overbought range, but the RSI could definitely go higher or even just bounce around in this higher range. Right now my opinion is MMLP is headed higher at least in the next couple of weeks. I'm holding my shares of MMLP with a 291% gain on my originally purchased shares. I have bought more shares since so my average purchase is not showing nearly as large a gain but I can hope that I will eventually see that much gain or even more on the whole purchase. Happy Trades to You. WEagle