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MEG Energy Corp T.MEG

Alternate Symbol(s):  MEGEF

MEG Energy Corp. is a Canada-based energy company focused on in-situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the economic recovery of oil. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases.


TSX:MEG - Post by User

Bullboard Posts
Post by Opportunuson Aug 24, 2014 5:34pm
239 Views
Post# 22873153

Sideways correction?

Sideways correction?I think this stock's bear market ended May 2013 and we have been in a bull market since then. The first wave ended late September last year. The second wave ended mid December. The peak that occurred end of April marked the end of the third wave, by my count its not a sub third wave of this third wave. I noticed that the share price made a lower low this month compared to last month's low. However, the relative strength RSI only made a higher low. That is a positive divergence. A similar divergence occurred late last year when the share price made a lower low early December and RSI made a higher low. But last time the divergence persisted into the mid December when the share price made yet another lower low and RSI made another higher low. After that, the share price climbed from under $29 to over $41. What will happen this time? My assumption is that the share price may correct or take a pause due to the slight overbought situation indicated by the slow stochastic. Then we are likely to test $40 again. I could be wrong. Time will tell. Of course oil price matters. That is another subject for discussion.
Bullboard Posts