charts v2, page-27

Hi Joridigi

I can understand your scepticism about charts mate and I come across it all the time. Without any disrespect to your own opinion you need to remember a chart is only as good as the person who draws it and the person who interperets it.

Can I show you a simple weekly chart (and this is only one way to interperet the price action). This is something a well respected poster on this site passed on to me. If you look at the black range down after the top at 82c you will see that it became the normal range down before each rally up during the down trend. This was different to the run up from 8c but the chart shows it occurs regularly in the past. Granted what is happening now wasn't normal over the run up since June but if we look back at similar events for this stock the picture changes. The blue range shows us what happened after zues spud. Maybe the same operators are working MEO over again. I see they've managed to accumulate ~10M shares so far today at mid 40's. We are now near a line of long term support and resistance so we can look to here for support. If this holds and the drill hit's gas we can look at previous ranges up to give an indication what upside to expect. There are other things to look at as well.





Hope this helps you understand why some of us use charts, even now.

Cheers
Rhodes