MEG is currently consolidating in a Symmetrical Triangle pattern, a potential trend continuation pattern from the recent reversal after it bottomed out at 3.21. A breakout from this pattern will have a projected target around 4.35 ~ 4.40. On the other hand, a breakdown from this pattern will potentially put the price back towards 3.50 ~ 3.21 area.
*If the consolidation continues near the apex of the triangle, it will likely invalidate the whole Triangle pattern.
*Immediate support around 3.50 ~ 3.60.
*Immediate resistance around 3.89 ~ 4.00.
Trading Plan
- Buy on breakout.
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