MEG continue to correct

So far MEG is following its path towards the lower slope. The Kijun Sen line continue to move horizontally and with this price may continue to move down. Of course we will have some spikes as it move down just like the recently spike which gives us 1.2% change from previous week’s close. The Kijun Sen line will continue to move horizontally unless price will spike and close above 4.27. This will make the line to bend upward and weaken its power.

So far the Ichimoku elements are in a bullish position, thus, the correction should be considered a healthy one and an opportunity for us to buy. When will that happen, we don’t know yet. Just monitor this stock.

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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