MEG breaking downward channel?

MEG broke away from the downward channel we saw since it drop last November. Is it going to be the start of the new trend for MEG? Current support will be the slope and this might be tested soon. Notice that Kijun Sen is moving in horizontal fashion and may attract the price of MEG, thus continuing to move upward. Will it reach 3.45? Monitor this line since it might also move away from current direction.

As of this time we don’t see any bullish signal from Ichimoku system so just be cautious.


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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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