Wanted a nice momentum trade out of this as the chart and everything else was looking spot on. All I got was a short term trade. That's the market for you. They can sling side balls out from any part of the court. Yet we always have to remain behind the red line. Not having looked into this from an FA perspective I don't know if it's good or not. All I can see is they are selling shares at 20 cents when they were higher. So of course it's going to drop the price. That it did. Today we closed with a Bearish Engulfing pattern so looks like we will see 20 cents, imo.
I'm still bullish with this and once the shares are issued and the dust settles I still have this hitting my original target of 60 cents and higher. I'll wait now for the chart to give the next position. All the best to those that are still holding. As a short term trader I need to play else where on retraces. Hope to be back here and posting real soon.
MEO Price at posting:
21.5¢ Sentiment: None Disclosure: Not Held
