MER approaching 100-day SMA line

After holding its price not to fall the bulls finally gave up and let the bears rule the battlefield. MER fell by 6.50% yesterday and it seems it won’t give us a good reversal soon. Based on our daily chart, its obvious we have a line of interest around 332.00 or 38.2% Fibonacci Retracement level. The fall is a much welcomed for long term holders but its a bit scary as well now that it is approaching near the 100-day SMA line. Current RSI or Relative Strength Index shows its already oversold. Will our line of supports hold or its a bearish reversal for MER in long term base? Lets see the development.

Caveat!

One Response to MER approaching 100-day SMA line

  1. […] hold or its a bearish reversal for MER in long term base? Lets see the development. Caveat! MER approaching 100-day SMA line Reply With […]

Leave a Reply