Will MBTN close this week with an ok, good or GREAT performance?
This week, Meyer Burger exceeded all bullish expectations and crushed resistance after resistance. Starting monday morning at shy 0.2470, Meyer Burger did not just cut itself through the 0.27 resistance as it would be butter, it also even overshot the blue channel forming since the corona crisis. Meyer Burger's price did not stall until over 0.33 which was a weekly gain of about +35% (!).
Understandably, at some point there were not enough buyers anymore for this moment. Hence, the price is today retracing a bit from the high of 0.3340 (!) to currently 0.2844, a seemingly horrible day with a loss of -8.99%, but one has to remember it is still a great performance of +15% for this week.
Possible closes:
price > ~0.29 / the blue channel -> GREAT
0.29 > price > 0.27 -> GOOD
0.27 > price > 0.25 -> OK
Summarized, as long as the price stays over 0.27, it's a very bullish sign technically speaking. (So watch that level in the next time)
Understandably, at some point there were not enough buyers anymore for this moment. Hence, the price is today retracing a bit from the high of 0.3340 (!) to currently 0.2844, a seemingly horrible day with a loss of -8.99%, but one has to remember it is still a great performance of +15% for this week.
Possible closes:
price > ~0.29 / the blue channel -> GREAT
0.29 > price > 0.27 -> GOOD
0.27 > price > 0.25 -> OK
Summarized, as long as the price stays over 0.27, it's a very bullish sign technically speaking. (So watch that level in the next time)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.