Patterns at play

Maybe iam seeing things staring at the MEB chart for too long, however there are a couple of technical patterns that look to be revealing themselves in the MEB chart at the moment. Aside from the candle stick action, Iam comfortable with how MACD, RSI and stochastics are setting up at the moment.

Cup and handle pattern;
http://www.investopedia.com/terms/c/cupandhandle.asp

Using the low of $0.27 and a neckline of $0.44, gives us a 17c measured move upon the $0.44 resistance being taken out. This would take MEB to $0.61 (one would suspect off the back of news flow).



The second pattern that seems to have emerged being that of a reverse or inverse head and shoulders, with a $0.40 neck line.
http://www.investopedia.com/terms/i...dirN&qo=investopediaSiteSearch&qsrc=0&o=40186
Using the low of $0.27 with a $0.40 neck line would suggest a $0.13 measured move from $0.40, taking MEB to $0.53.



Good to see the $0.40 level as the new base and Iam looking forward to the next run at $0.44. Once this level is taken out, I think we will see a push to the $0.50 resistance level pretty quickly.