Harami on MEG. Are we seeing bulls now?

Weekly: The Neutral Bullish Signal is still there and price is still moving within the Kumo. Chikou Span is still bearish but a close above 3.47 at the end of this week will bring make this line turn green. That is something MEG holders should look into.

Daily: There was a Doji last Wednesday but it wasn’t confirmed. After that the price move below the 61.8% Fibonacci Retracement level and have so far follow the downward trend. This level is now our immediate resistance. At the end of the week we found an interesting candlestick formation. This time its a Harami. Will it be the start of reversal for MEG and breakout from the channel? Or this will be another disappointment like last Friday?

Ichimoku system on daily chart is saying that MEG is still in a downward trend with no element being bullish. In case there will be no confirmation for the Harami tomorrow, then 3.1 will be the next target for the bears.

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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