Sentiment is everything in the sharemarket & positive sentiment has turned in MEO's favour......
The share price has attempted to break resistance at .40c on 3 occasions, since it was heavily sold down in January this year.... well on Thursday it smashed through on large volume & has importantly held above this level on Friday to end the week on .425c ( this is very significant as the highest weekly close previous to this was .38c on the week ending 1/2/08 )
Monday will be interesting, if holds above .40c and maintains this price & above , it should close gap created b/w 18 & 21/1/08 which is approx. .75c
"Duration of the entire pattern (i.e. how long the stock trades below the neckline) also plays a role. The longer the stock trades down there, the greater the chance that most of the disgruntled stockholders will have sold when a breakout happens. This means there will not be many investors who are looking to get out even; they have already gotten out.'
"Also, the rally tends to be the mirror image of the preceding drop. This means a quick and violent drop foreshadows a quick rally."
