any chartists view?, page-9

Sj.

thanks for the chart.

I agree it's potentially going either way atm. Most stocks probably would have pulled back to a degree by now - more in line with EWT. But MEO seems to have buyers feeding into the profit takers. Hence triangle formations I guess. And possibly explain the divergence on the RSI. Momentum is fading as the rally takes breathers.

We'll see what happens, but I am thinking 1. technical traders are thinking there is not enough reward here and will look elsewhere, 2. some others are thinking support seems good and therefor low risk buying at support and then 3. others are thinking FA: Woodside or similar and so like MEO mid to longer term.

It's a balancing act at the moment like todays trading showed us. Happy to buy and some happy to sell. Mid to long term though I think we all know it'll get up ! Might just not suit those after more thrills and short term profits atm.