weekend charting 04122010, page-53

Fundamentals and technicals meet this week when MEO is finally about to complete the first hole in their long awaited Artemis gas field.

The seismic analysis shows alot of gas is clearly evident, but will the deep water structure they encounter hold the gas in place for extraction? Apparently that is the question and they have chosen a gas chimney as their primary target. Drilling is on schedule for a Tuesday / Wednesday announcement. (to the best of my knowledge)

The technicals show a chance of reversal of fortunes Monday. After failing to hold support at the 38% fib we now find ourselves at the 50% retrace with a few other supports coming in to offer a possible price point to bounce off.

a 2 year chart... it maybe worth having a look in more detail to see the bollingers and doji if you are interested...