So is the risk... as time is ticking on MCEL's highly anticipated reverse merger. The technicals may have changed, finally for the better. Some say technicals mean nothing with a stock in this phase of a business cycle, i think it shows the smart money sentiment... with that said this may be the final chart with the original trend lines, as the trend has been broken.
Notes:
-RSI peaked at ~54 today, even with late profit taking(yes, a few may have made up to 200% or so, from mondays low), MCEL closed with RSI @ ~ 49.06
-RSI divergence seems over, new trend lines needed
-Bullish candles (please correct me if I am wrong, and if you know a match please comment)
-+DMI crossed -DMI (ADX down, no trend strength but still good news coming out of downtrend)
-Closed 'green' on lower volume (still high as hell)
-Tested then Broke .03, then triggered a selloff @ ~.035, confirms resistance, and if broken .056 may be the next stop (SPECULATION)
If you do not have money to risk, don't even look at this stock.
$0.0299 (05/09/08)
