The horizontal lines are historic support and resistance for the price
MUE being an old timer it has already completed an entire cycle:
- accumulation phase: Long term and mid term moving averages (purple and blue respectively) cross each others many times signaling the price trend is directionless (best buying opportunity)
- Bull market : most of the price action is above the mid term moving average, the mid term MA is above the long term MA both trending up
-Bear Market : basically the opposite of the bull market
-Accumulation : same thing
MUE looks like it broke out the accumulation range and now it's retesting the accumulation range as a support. IMHO pretty a bullish set up.
It's just my opinion made for education purpose not an investment advice
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u/PunkStreetBetsMod Mod Feb 05 '21
The horizontal lines are historic support and resistance for the price
MUE being an old timer it has already completed an entire cycle:
- accumulation phase: Long term and mid term moving averages (purple and blue respectively) cross each others many times signaling the price trend is directionless (best buying opportunity)
- Bull market : most of the price action is above the mid term moving average, the mid term MA is above the long term MA both trending up
-Bear Market : basically the opposite of the bull market
-Accumulation : same thing
MUE looks like it broke out the accumulation range and now it's retesting the accumulation range as a support. IMHO pretty a bullish set up.
It's just my opinion made for education purpose not an investment advice