tide is changing.

Today we saw good gains made in MEO. I have been in the stock for several months now - in at 24.5c, 58c and 39.5c. I'm averaged out at 36c. The chart shows a bullish engulfing candlestick which could imply the end of the downtrend. If you take a look at the chart below you will also notice today's candle engulfs 3 previous red candles. This IMO is very bullish - the more candles it engulfs the more bullish it is.

Today's announcement gave SH's a sense of security and re-established positive sentiment in MEO. The fact that Farminee (which could possibly be Petrobras) internal legal review of documentation is at an advanced stage suggests to me that the 'big announcement' is imminent and people will be jumping on MEO before they miss out!

I believe also that 43c will be a significant price for MEO (which has acted as support in the past - and more recently turned to possible resistance level). When MEO breaks it I will expect it to turn into another support level. With a positive overall market sentiment I believe it will be tested by Monday - if not tomorrow.

All the best to MEO holders. Exciting times developing.