Finally hitting the 280 level. Where to go next?

MER has finally touched the 280 level (Kijun Sen cross on MER. May hit 280 level) where the Kijun Sen line is moving horizontally on weekly chart. The rally was also fueled by the news about its inclusion in the PSEi.

The price today pierced through the Kumo and is considered a bullish signal. There might be some headwinds along the way but we might see MER to reach another level soon.

Current support is not too strong at 281.50 A backup support at 273.12 should be strong enough in case price will correct.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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