MEG potential bullish pattern

Megaworld Corporation

As MEG continues to trade in its 3-month Downward Price Channel, a potential Bullish Divergence pattern is developing after retesting the support at 4.80 (4.7~4.8).

See previous MEG analysis for reference:
https://psetrends.blogspot.com/2018/02/meg-price-action-update.html

Trading Plan
- Buy the breakout from its Downward Price Channel on good volume.
- For position trade, accumulate the dips near support area and set the stop-loss a few points below 4.70.

MEG Price Action Update

Megaworld Corporation

MEG's price action continues to move within its 3-month Downward Price Channel with immediate support around 4.80.

*Potential Bullish Divergence pattern in the making (needs further confirmation).

Trading Plan

- Avoid for now.

- Buy the breakout from its Downward Price Channel on good volume.

- Potential position trade around the support area if Bullish Divergence pattern can be confirmed.

MEG hit the recent breakout TP

Megaworld Corporation

MEG has recently hit the measured TP from a bullish Pennant pattern breakout at 4.75.

See previous analysis for reference on recent breakout pattern:
https://psetrends.blogspot.com/2017/04/meg-breakout-update.html

Trading Plan
- Take some profit or scale down position.
- Profit run the rest of the position.

MEG breakout update

Megaworld Corporation

MEG is on a breakout continuation today from a Pennant pattern after it broke the immediate resistance at 4.11. The projected target price of this breakout is around 4.75.

*Kissed today the next resistance at 4.19.
*Potential major resistance zone around 4.40~4.50.

See previous analysis of this Pennant pattern breakout including recommended trading plan:
https://psetrends.blogspot.com/2017/04/meg-on-another-potential-breakout.html

MEG on another potential breakout

Megaworld Corporation

MEG is on a potential breakout again after a full retracement from Bullish Gartley harmonic pattern reversal. This time, its a potential breakout from a Pennant pattern, considered a trend continuation pattern with projected target price around 4.75.

*An immediate breakout from the resistance at 4.11 should provide the confirmation.

Trading Plan
- Buy the breakout with a tight stop-loss in case the setup doesn't pan out as expected.

MEG at significant retracement target

Megaworld Corporation

MEG has hit the significant 61.8% retracement target (C-D leg) at 3.71. This is a potential profit taking area for a short term position if trading the Bullish Gartley harmonic pattern.

*Immediate resistance around 3.76

See previous analysis on this Bullish Gartley harmonic pattern:
https://psetrends.blogspot.com/2017/04/meg-update-on-harmonic-pattern-and.html

Trading Plan
- Take profit or scale down position at 61.8% retracement (around 3.71).
- Profit run the rest of the position using trailing-stop.

MEG update on harmonic pattern and reversal signal

Megaworld Corporation

An Inverted Hammer formed up in the previous trading day right in the middle of the PRZ (Potential Reversal Zone) of a Bullish Gartley harmonic pattern. A confirmation candle also formed up today, a potential trend reversal signal.

*A Bullish Divergence pattern on some indicators is also a potential sign of an impending consolidation or trend reversal.

See previous analysis:
https://psetrends.blogspot.com/2017/03/meg-update-on-potential-harmonic-pattern.html

Trading Plan
- Trade the Bullish Gartley pattern (buy around the PRZ).
- Set a stop-loss on breakdown from 3.3 to minimize downside risk (or set stop-loss on breakdown from 3.21 to take higher risk).

MEG update on potential harmonic pattern

Megaworld Corporation

MEG has hit today the PRZ (Potential Reversal Zone) of the Bullish Gartley harmonic pattern at 3.39 (3.37~3.42 range).

The relatively longer candlestick today with an above average volume may also signal an exhaustion of the current downtrend.

*Observe for a reversal patterns at the PRZ.
*There is still a possibility of the price action to fully test the PRZ area.
*If the downtrend continues beyond the PRZ, it will likely invalidate the Gartley harmonic pattern.

See previous analysis for reference that includes consensus and trading plan:
https://psetrends.blogspot.com/2017/03/meg-potential-bullish-harmonic-pattern.html

MEG potentially forming a bullish harmonic pattern

Megaworld Corporation

A Bullish Gartley harmonic pattern is potentially forming on MEG with PRZ (Potential Reversal Zone) around 3.39 (3.37~3.42 range). The recent breakdown from its B leg (3.52) gives it higher probability of completing the harmonic pattern.

Consensus on MEG
Rating: Overweight
Target Price Forecast:
   - TP High = 5.80
   - TP Med = 4.61
   - TP Low = 3.7
   - Avg TP = 4.67

Trading Plan
- Only trade the harmonic pattern once it is completed with a reversal pattern confirmation around the PRZ area (will provide an update as it unfolds or invalidated).
- Set the stop-loss a few points below the recent swing low.

MEG in Triangle pattern consolidation

Megaworld Corporation

MEG is currently consolidating in a Symmetrical Triangle pattern, a potential trend continuation pattern from the recent reversal after it bottomed out at 3.21. A breakout from this pattern will have a projected target around 4.35 ~ 4.40. On the other hand, a breakdown from this pattern will potentially put the price back towards 3.50 ~ 3.21 area.

*If the consolidation continues near the apex of the triangle, it will likely invalidate the whole Triangle pattern.
*Immediate support around 3.50 ~ 3.60.
*Immediate resistance around 3.89 ~ 4.00.

Trading Plan
- Buy on breakout.

MEG: Breakout from Ascending Triangle pattern

Megaworld Corporation

MEG is on a breakout from Ascending Triangle pattern with measured target around 4.2 which is near its 11-month downtrend line.

*Buying pressure already started early February.

Trading Plan
- Buy near the breakout area with stop-loss at recent swing low for a risk/reward ratio of at least 1:2.