I'll have a look at MEO for you only because I'm watching as well. The first chart is a longer term view showing the run up and the recent downtrend. If you look at the red trendline on the chart and the MACD you will see negative divergence indicating the second half of the run up was losing momentum and a trend change was likely. Now look at the down trend and the light blue trend line under the chart and the MACD shows positive divergence, we also have recent positive divergence on the histogram as well. This may be indicating a trend change is coming. The rectangles show mini basing patterns at the start of each rally.
The next chart shows a short term view. This is analysis I did on tuesday night. The purple triangle shows where the recent SP breakdown occured. Price broke down and completed the orange range down forming a bullish falling wedge, this is a repeating range from previous SP action, and found support on a trendline from the lows. Price broke out of the falling wedge on wednesday as you can see and had the green day on thursday which was an anouncement. I took a position on wednesday morning based on these two charts before jumping on a plane and was pretty happy to arrive home thursday night to see that green candle. I was expecting price to rally up to test the top of the red channel. If it can break this the next target is the longer term downtrend resistance in black. If it can't break the red line I'm looking for it to retrace to 28c which is the completion of the 4th repeating range down (pink arrow). There is no real support at 32c and 35c is long term support and resistance from 2008.
Please note entering here breaks a few basic rules with going long while price is under 20 and 50 moving averages. Based on the charts above I made an entry speculating the SP may have been bottoming but I have stops under 32c in case this settup fails so I can enter at the next lower support as I fully expect this to complete the range down to 28c if not further.
