Today will see highest volume in past 3days, But with a new low. 44c new resistence level makes sence right now. The last word is not spoken today an newer low is possible. Many indicators direct to this happen.
Bear market rallies are typically steep and accompanied by large volume. High volumes warn that existing stockholders are taking the opportunity to sell down their remaining positions. Stocks are transferred from strong hands to weak, and the market is likely to fall sharply at the first setback.
We are witnessing in MEO a typical bear market rally and traders expecting a "false signal" or an early end to the bear market are likely to be disappointed.
MEO Price at posting:
42.5¢ Sentiment: None Disclosure: Not Held
