MEO 0.00% 0.0¢ meo australia limited

the ta has to play out

  1. 1,383 Posts.
    This is a bit like what came first the chicken or the egg...

    And my point is....

    Whether you choose to believe in technical analysis or not the fact of the matter is that the majority of market players do. They buy and sell according to particular technical setups....

    But the very interesting thing is that because so many market players use the same methods to trade the actual methods themselves become self perpetuating and reinforce their own effectiveness...

    Why do I mention this...well one of the most significant fibonacci ratios is the 61.8% retrace as measured from the lowest low to the highest high....

    MEO is hovering around the 50% right now...with no announcement there is nothing to push the stock higher so it stands to reason that the stock will test a lower support..ie: the 61.8%...

    see chart below...

    PS...too many people wearing rose coloured glasses in the BCC thread so I had to come back here for a dose of reality!!!



 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.