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Tuesday, April 1, 2008

Merrill Lynch & Co., Inc. (MER) Technical Analysis

Today we'll analyze the Stock MER for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 43.51$ (03/14/08) to 46.85$ (03/20/08) a 3.34$ move
2- The current bearish trend started from 46.85$ at 03/20/08 and is currently trading at 40.74$.

3- According to ADX, the trend is currently strong bearish, which is getting stronger.
Short term chart patterns :
4- The Stock was resisted by a resistance line, identified by two points: 46.85 and 58.01, and is currently resisting at 43.6614.
Mid term chart patterns :
5- The Stock was resisted by a resistance line, identified by two points: 46.85 and 58.01, and is currently resisting at 43.6614.
Long term chart patterns :
6- The Stock traded in a bearish channel identifed by support at 49.95 and 52.91, resistance between 58.01 and 61.01 which was broken down at 39.93 in higher than usual volume.

Conclusion:
MER was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .

Resistance Levels: 42.18, 43.07, 43.66, 43.79, 44.52, 45.14, 46.85.
Support Levels: .


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Shadi
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Shadi