OTCQX:MRVFF - Post by User
Comment by
controlpanelon May 04, 2010 8:18pm
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Post# 17062910
RE: Cheaper shares on the way!!
RE: Cheaper shares on the way!!"Based upon the recent trading activity it is clear to me we should testlower .20 within the next few days.
My reasoning behind this isthe double top at .29 and now we continue to drift lower on decentvolume"
This doesn't qualify as a reliable double top in my opinion. A double top requires the following;
1- a significant price uptrend prior to the double top formation (That hasn't been the case)
2- high volume on the first top followed by lower volume on the second top and preferably a rounded second top (not the case because volume was higher on the second)
3- Double top requires a long time between the two tops, not a few days.
The price broke down through the head and shoulders bottom neckline today, however, the uptrend line that connects the head and right shoulder has not been penetrated. Technically speaking, The uptrend is still holding. All IMO