MER update Fibonacci Retracement

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MER reached a low of 81 before closing at 82.5 below its open and high of 83.5.

I placed a fibonacci retracement to measure the health of the rally/bullishness. Since a 38.2% retracement (80.5/81) is considered healthy and can be a signal to the continuation of the trend corrected. Hence, I remain bullish with MER.

It can also be noted that the 32MA is acting as a support at 82.5, the close.

Resistance at 88.5 by the 65MA.

Good luck to all MER traders!

Comments

Unknown said…
Hey Nino! sipag sa blog ah! hehehe. keep em coming. let's go MER!
September 23, 2007 at 5:57 PM
ninodal said…
Thanks boss andrew! :)
Go Go MER!!!
September 23, 2007 at 10:04 PM
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