After staying most of the time at 3.2+ level, JP Morgan broke the 3.3 mark less than an hour before the closing. MEG closed above the resistance level of the consolidation area but yet another resistance from the 52-week high at 3.33 is stopping MEG to move forward. Are we going to see a break from that resistance or we will see a retrace near the newly found support?
52-week high – the highest price that a stock has traded at during the previous year. Many traders and investors view the 52-week high or low as an important factor in determining a stock’s current value and predicting future price movement.