Hi Bosco,
At the moment, MEAD is showing early sell signals: OBV has turned down, as have Williams %R, RSI, and MFI. Price ROC and stochastic look ready to follow suit, and the last signal would be MACD, which would be confirmatory. MEAD jumped off it's 10 day ema briefly 2 weeks ago, then corrected back to that level.
askresearch.com
It appears to be in the midst of a similar correction right now, forming a bullish flag towards either the 10 day ema (55) or candle support (about 62). Volume is tapering off as well, as the sellers are flushed out. It's too soon to tell which way it will break, but the next couple of sessions should make that clearer. My guess is that it will most likely repeat the move it made about two weeks ago, and take out overhead at 70, above which is blue sky. But again, it is too soon to tell. I'm long here as well, but I'll be watching closely, and if it fails support at the 10 day ema, then it's a sell for sure.
All IMHO...........
Walkingshadow |
