Macquarie Group Limited (ASX: MQG), which is comprised of the Banking Group and Non-Banking Group, has closed at $20.6 yesterday. Since last December and the high price posted at $82.6, the stock has lost 75% of its value.
After a one-week rebound occurred in late October and early November when it jumped from $27 to $35 (almost +30%), the stock plunged back to unprecedented low levels. The long-term downtrend remains in place, built by the higher lows posted in last December, May and August (points A, B and C on the chart). There is also a medium-term downtrend since the high of August (point C) and goes through the highs of September (point D) and November (point E). This is the immediate resistance line for the price
