MER moving towards resistance slope

MER has so far bounced from the lower slope and is heading towards the resistance slope where the 61.8% Fibonacci Retracement level and the Kijun Sen line may converge. The Kijun Sen line is pulling the price up but the bigger question is, will MER break this resistance? Notice that on recent history this line has been a good support for MER until last month when it was broken.

The area 264 – 267 will be a challenge for MER but if it will be broken then we may see MER move up past the April’s high. IN case the bulls will not be able to make it then MER may continue to move inside the wedge and make a double bottom at 240+

RSI or Relative Strength Index is at 37 and is pointing up

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}