MEP - setup at play

Iam drawn to the current setup at play for MEP.

Happy to keep accumulating on market at this 11c mark.

We know it often trades as a proxy to ADN and to be frank the technical setup for MEP looks more compelling at the moment. If ADN were to drop some half decent news in the short term, we could see a solid move to the upside for MEP.

Having a look at the short and medium term setup:

Daily -
This 11.5c neckline is of most importance. Once cleared it will open the door for a swift move back to the next level of resistance at 14.5c to be tested. Price action has been steadily building here with a few attempts at the 11.5c mark of late. Volume on the increase + MACD trending positively above the 0 control line has me believing it will take this out in the short term. RSI setup is also very bullish.


Weekly -
Medium term setup is also very encouraging on many fronts. We can see the price action tightening right up in between the lower side support and resistance levels. MACD has printed a positive cross and will now head back to the all important 0 control line. Stochastics trending higher, as too the RSI.

A couple of price levels of interest overhead have been identified for those with a medium term view.