Descending Triangle on MER
After MER made a bullish run from the base or support area to the Kijun Sen line few weeks ago the bulls look tired. This is the first week that MER wasn’t able to come back from the strong bearish signal the prior week where price close below the Kijun Sen. Notice also that MER’s price movement is creating a Descending Triangle. If MER move above the Kijun Sen line and the slope, there is a greater tendency that it will continue to move down and touch the support line. This will make the stock more bearish because most of the time Descending Triangle is considered a continuation pattern.
If you notice that MER is having a hard time moving up, it would be advisable to take profit (or lighten depending on what your current position is), and test buy at the support line.
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