MEG to hit upper slope soon

The higher highs and higher lows we were talking about when we saw MEG’s price attracted by the Kijun Sen line, fell by 2.4% continue developing the upward channel. Looks like the run to 3.5x is on track and the question is, will it break the channel from there bring the price to another level? or we will see the trend to continue its course?

If we are to base our analysis on the channel and RSI or Relative Strength Index, we saw that the price retraces after hitting the upper slope. This could also happen this time especially that we are not yet generally bullish. In addition, we are also approaching the Kumo or Cloud which will act as a resistance. If you already have a good gain, it wont hurt to take profit when it hits the upper slope.

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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