MEG may correct, opportunity to buy

Is MEG going to retrace this time? Following the Doji candlestick is a relatively long red candlestick. We have seen how MEG move inside the upward channel and it seems it has reached the upper slope and is about to correct. While all elements of Ichimoku is still in green, this correction should be a healthy one and an opportunity to buy. A possible retrace to 50% Fibonacci Retracement level or around 3.69 may happen as Kijun Sen will soon move horizontally at this level. Remember that when Kijun Sen line moves horizontally, this line has the power to attract the price. But if price will move above the recent high of 4.27 per share then Kijun Sen will move upwards.

Remember that stocks don’t move in a straight line so check the support/resistance as the stock corrects.

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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