Below is a straight forward application of multiple moving averages on a V-shaped trend change.
The downtrend price reversal of MEG was confirmed by the break in trendline after the price moved up from point A. I think we're at the cusp of a very strong upward move in price, and that what we are now seeing is a short term consolidation.
I'm looking to confirm this breakout at around point B, or 1.38++ and will only enter the trade above 1.36.
Initial target price set at 1.70, Stop at 1.28.
For the more aggressive trader, I reckon a price entry between 1.24 and 1.26 is okay, with a stop loss set at 1.20 or the 32-day MA.
As usual, would appreciate thoughts from anyone.
Thank you for your time.