Chart Update: MEG ( November 17, 2009)

Figure 1: MEG Price Chart

Figure 2: Technical Indicators

Looking at the current graph of MEG. I think it is about to breakout. It needs simply to break the strong resistance located at 1.62. It has consolidated the past days but was able to find support in the ascending triangle pattern. Downward trend strength is weakening already. Momentum upward is getting stronger.

The RSI is bullish and at the same time confirmed the presence of its strong support line for it was not able to go lower than 50 RSI. MACD is pointing upward and is beginning to be bullish again.

%R is not yet at the overbought area and RSI is neutral.

I just simply hope that this momentum upward will be able to sustain this pullback of MEG. Else it will consolidate more near 1.62 prior to going up.