MEG is following a downward channel. Where are the bulls?

MEG fell today by few points ending with price at the base of the Kumo which acts as support. Still there is bearish sentiment over MEG even with the two-day rally last week. Ichimoku elements are still in red and the possibility of Kumo breakout is possible soon. As you can see on the chart, MEG is following a downward channel where the rally to 3.4x 2 days ago was our lower high. Could this mean MEG is going towards the support?

See the chart to know where the support is.

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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