MEG’s price attracted by the Kijun Sen line, fell by 2.4%

MEG fell by 2.4% to cross the Kijun Sen line which is considered strong bearish signal. This is strong because it happend when price is below the Kumo or Cloud. Our chance for this to bounce is when it hit the lower slope (shown on the chart). Although MEG is still bearish based on Ichimoku system, we have seen some higher highs and higher lows that formed an upward channel. So if price will hit the support line we might see a bounce from there. Aside from the slope we also have the 61.8% Fibonacci Retracement level which is pointing the 3.26. This could be a potential point for price to rebound.

We will also get some clue from the candlestick that will be formed tomorrow. So review your list of bullish japanese candlesticks before entering.

Caveat!

One Response to MEG’s price attracted by the Kijun Sen line, fell by 2.4%

  1. […] 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 […]

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