Welcome Back Gators!
Microvision seems to want to play in greener pastures now. The question that is on everyone’s mind is “Is the correction / downtrend over?”
MVIS rallied 20% today.
In this post, we’re going to explore today’s price action on a few time frames and get a good idea of what we should be looking for and what key prices to the upside and downside to focus on in the coming days.
Let’s start with the weekly:
Weekly Chart . . .
If you remember from my post, MVIS Manipulation? Technical Analysis Theory of Major Manipulation and Potential Reversal – (gator-traders.com) , I drew a picture of what the chart could potentially look like this week.
Well…Guess what the chart looks like so far?
Granted the week is far from over so a lot can change and we didn’t pierce $9.74 (thank GOD).
I lay out the details of what I expect in that post, so I’m not going to waste a lot of your time here. I will outline key resistance and support on the weekly. These should be regarded highly since line work from the higher time frame charts are usually more powerful signals than lines and patterns from lower time frames.
These are the key resistance levels:
- Key resistance #1: $14.22
- Key resistance #2: $17.50
And we can’t talk about resistance without mentioning support:
- Key support #1: $11.33
- Key support #2: $9.74
Let’s move onto the daily
Daily Chart . . .
MVIS ripped out a 20% rally today finishing the day at $12.50 with an opening of $10.33.
I added another pitchfork (green) to my daily chart that is angling upward and you can see how well it validates throughout its geometry. Key prices added is a support line at $11.15 and $15.30 (yellow lines).
The green pitchfork does a nice job at showing where price might be headed. It’s angling up (which is a good thing). Prices are still trapped in the blue fork of death (not a good thing) so we’re looking for a breakout there. That key price is dynamic, so it changes daily but will be sitting at $12.96 with green fork support/resistance at $11.51.
Conclusion . . .
I’m thinking that this could be the real deal as far as an end to the correction. It should be, especially since we’re looking at some timing and Fibonacci stuff that I discussed in previous posts.
I’ve been standing on the fact that I believe May will see the best price action in MVIS. That doesn’t mean that we can’t get great price action in the end of April.
Keep an eye on those upper level resistances, especially $17.50. I’ll say it once again…once a weekly candle closes above $17.50, MVIS is more than likely going to spring up hard from there.
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Until next time, good luck and GOD bless!