Figure 1: MEG Price Chart
MEG is now a BUY for it was able to find some strong support along the 20 MA and the 38.2% Fibonacci retracement line.
Figure 2: MEG Price Channel
Looking at the long term chart of MEG, we can clearly see that it is on an uptrending price channel. Now base on harmonic ratios, MEG is now on the CD leg of a possible AB = CD pattern with a projected target price of about P3.45. What is so amazing with this harmonic target price is that it perfectly coincides with the resistance line of our price channel.
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