Kijun Sen cross on MER. May hit 280 level

Based on our weekly chart, MER may rally to 281 level from current price of 258.8 per share. This is seen to bounce and be attracted by the Kijun Sen line which is currently moving horizontally. Remember that price tends to move alternately away from and back toward the kijun sen in a cyclical fashion due to the kijun sen’s strong expression of equilibrium or stasis.

RSI or Relative Strength Index shows that MER is still way below the over bought level at 41. There is still a lot of room for the buyers to get some MER shares.

On daily chart, last Friday MER showed a weak bullish signal via the Kijun Sen cross. We are looking at a third try to break the 23.6% Fibonacci Retracement level which is our immediate resistance. Chances of breaking the resistance at this time is greater than the first two tries.

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.

One Response to Kijun Sen cross on MER. May hit 280 level

  1. […] 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 […]

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