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Tuesday, December 19, 2006

MEE - Metex Resources (ASX)

To have a cleaner look athe big picture for MEE we look at the weekly chart. MEE broke its descending trendline to rally well and has since consolidated for most of 2006. MEE now looks set to continue its 'C' wave up to a target area of $0.15 on a break of $0.091. This scenario is supported by a bullish MACD and stochastics relationship and a compression of the multiple moving averages.