Watch for MEG. It might bounce from support

MEG have been falling since the time it tried to break the 3.9 barrier early this month. Notice how the Kijun Sen which is moving horizontally attracts the price in coming near it. This is now our support but in case it will break from this line then we might see price to hit 3.40?

What makes MEG interesting at 3.57 – 3.59 is that we have a gap and Kijun Sen is lying at this level plus we have seen an action at this level last July of this year.

Although RSI or Relative Strength Index is still pointing downwards, a bounce from the support may turn this northward. Notice that previous low of MEG’s RSI is only around 50 before it continue to move up.

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.

2 Responses to Watch for MEG. It might bounce from support

  1. Tabel Dualan says:

    Sir looks like a double top po

  2. Ray Dionisio says:

    200MA dailys on MEG now acting as support. Higher high off this MA is tradable long. Going long now do not present a good risk/reward ratio with the double top and last high pivots.

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