I think MEO in the ST is a little confused in it's direction as well. We have had two big signs of ST weakness at this price level, two high volume up days closing lowish, normally indicating selling, but then we have had a couple days of strength, low volume down days indicating a lack of selling, relatively at the same price level . Normally it should have rolled over by now and headed south, but not yet.
If I was considering to buy MEO at this point of time, I would maybe wait for it to clear those two weak bars, buy in at say 43cents plus, on a low volume down days as illustrated on the chart by those two strong day.
MEO Price at posting:
40.5¢ Sentiment: None Disclosure: Held
