Caught the Bottom of Megaworld Corporation
MEG write-up from the Trading Edge Equity Advisor:
January 24, 2016
In our Equity Advisor issue last January 17, we issued a warning that Megaworld Corporation (MEG) would decline further and head towards a downside objective of Php3.00. As you can see from its chart above, the stock has indeed achieved the said goal. In the coming days, though, it seems that the stock is already poised for a positive turnaround. You see, a presence of a selling climax (characterized by a recovery from its lows despite a heavy selling participation), a presence of a bullish divergence, an oversold RSI reading, and an occurrence of a bullish hammer candlestick all point to a likely rally perhaps back towards its immediate resistance at the Php3.76 to Php4.10 area.
MEG write-up from the Trading Edge Equity Advisor:
January 17, 2016
The bias on Megaworld Corporation (MEG) has unluckily tilted to the negative side. As you can see from its weekly chart, the stock has just broken down from the neckline of a bearish reversal pattern in the form of a head and shoulders. Given its fall below its prior support at Php4.10, MEG may then pivot lower and head towards its next floor at around Php2.80 to Php3.00.
As early as August 23, 2015, we already gave a warning that MEG would likely slide steeply and head to at least Php3.12. The stock was Php4.29 then…
MEG write-up from the Trading Edge Equity Advisor:
August 23, 2015
Megaworld Corporation (MEG) may have also seen the end to its recent uptrend. As you can see from its chart, the stock has just broken down from a bearish reversal in the form of a head and shoulders. Given its decline below its prior support at Php4.50, MEG may likely continue to descend towards a downside goal of Php3.12.
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