Figure 1. MEG price chart
Figure 2. MEG technical indicators
Nice pullback for MEG in the past couple of days. But will MEG be able to sustain this?
Base from the chart above the major resistances are located at 1.56, 1.62, then at 1.74. For now the TP set for this stock is at 1.74. This is the resistance line which has the biggest weight among the other lines.
Downward momentum is slowing down. Hoping for more momentum boost for MEG so that those resistance lines can be broken. RSI and MACD is still slightly bearish. RSI and %R is neither overbought or oversold. For now MEG has still some room to grow.
Take note also that MEG may consolidate on any of those resistance line.
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