MEG following the downward channel

The Hammer on MEG that we saw last August 28 brought the price of MEG up to the next fibonacci retracement level but the 50% Fibonacci Retracement level just seemed to be too hard as a resistance. See how the price retraces after it comes near that line? Also, we could see that MEG is following an downward channel and we are at the upper end of the trend. If MEG continues to fall then there is a possibility MEG will hit the lower slope. Would be nice to wait at that level. But don’t discount the 61.8% Fibonacci Retracement level or the 3.00 support.


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