Today we will analyze the stock Magna Entertainment Corporation (MECA) for internet stock trading in the NASDAQ stock market,
Stock Technical indicators to notice in Magna Entertainment Corporation (MECA)
1- Last bearish trend was from 0.22 $ (3/5/2009) to 0.07 $ (3/12/2009) a 0.15 $ move 2- The current bullish trend started from 0.07 $ at 3/12/2009 and is currently trading at 0.12 $.
3- MECA current support level is at 0.11 which is the 23.60 % fibonacci retracement of the last 0.15 $ move.
4- MECA current resistance level is at 0.13 which is the 38.20 % fibonacci retracement of the last 0.15 $ move.
5- According to ADX Indicator, the trend is currently strong bearish, which is getting stronger.
Magna Entertainment Corporation (MECA) Short term stock chart patterns for internet stock trading :

6- The Stock was resisted by a resistance line, identified by two points: 0.220 and 0.360 that was broken up at 0.080 transforming into a supporting line.
Magna Entertainment Corporation (MECA) Mid term stock chart patterns for internet stock trading :

7- The Stock was resisted by a resistance line, identified by two points: 0.220 and 0.360 that was broken up at 0.080 transforming into a supporting line.
Magna Entertainment Corporation (MECA) Long term stock chart patterns for internet stock trading :

8- The Stock was resisted by a resistance line, identified by two points: 0.220 and 0.360 that was broken up at 0.080 transforming into a supporting line.

Stock Trading Conclusion:
Magna Entertainment Corporation (MECA) was trading in a strong bearish wave, which is becoming stronger .
Technical indicators and stock chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy in online trading .

Stock Resistance Levels : 0.127, 0.145, 0.163, 0.220, 0.261, 0.313, 0.360.
Stock Support levels : 0.108, 0.105, 0.101, 0.095, 0.089, 0.070, 0.010,.