MPI on another breakout attempt

Metro Pacific Investments Corporation

MPI is on another breakout attempt from a Bull Flag pattern after it failed to break the immediate resistance yesterday. Projected target price of this breakout is around 7.00~7.15 area.

See previous analysis if trading the prior Bullish Bat harmonic pattern and trading plan for this potential Bull Flag pattern breakout:
https://psetrends.blogspot.com/2017/04/mpi-hit-another-retracement-target-and.html

MPI hit another retracement target and another potenial breakout pattern

Metro Pacific Investments Corporation

After the recent reversal from a Bullish Bat harmonic pattern, MPI hit the second key retracement target around 6.62 (61.8%). This is a potential profit taking area for those trading the harmonic pattern.

On the other hand, MPI is also on a potential breakout from a Bull Flag pattern with a projected target price around 7.00~7.15 area.

See previous analysis of the Bullish Bat harmonic pattern here:

https://psetrends.blogspot.com/2017/03/mpi-bullish-harmonic-pattern-update.html

Trading Plan

- If previously trading the Bullish Bat harmonic pattern reversal, take some profit or scale down position. Profit run the rest of the position with a trailing-stop.

- Buy the Flag pattern breakout with appropriate stop-loss in case it doesn't pan out as expected.

MPI bullish harmonic pattern update

Metro Pacific Investments Corporation

MPI continues to trade within the PRZ (Potential Reversal Zone) of a Bullish Bat harmonic pattern. A test of 5.92 level or the full range of the PRZ area followed by a reversal pattern would be a good entry signal.

*The PRZ area is also significant as it falls near the 10-month uptrend line of MPI.

For detailed analysis and potential trading plan, please see previous post:
https://psetrends.blogspot.com/2017/03/mpi-on-another-bullish-harmonic-pattern.html

MPI Consensus
Rating: Buy
Target Price Forecast:
   - TP High = 8.50
   - TP Med = 7.90
   - TP Low = 6.55
   - Avg TP = 7.79

Updated Chart

MPI on another Bullish harmonic pattern

Metro Pacific Investments Corporation

MPI is potentially forming again a Bullish Bat Harmonic pattern and the recent price is now on the potential reversal zone or PRZ (5.87~6.15 range).

Trading Plan
- Monitor for reversal pattern within the PRZ.
- Buy the reversal pattern confirmation.
- For a high risk trade, buy the dips within the PRZ area and set stop-loss on breakdown from 5.76.

MPI consolidating in a potentially bullish pattern

Metro Pacific Investments Corporation

MPI is consolidating in a bullish Flag pattern, a trend continuation pattern.

- Consolidation may likely continue with downside risk towards 6.40 ~ 6.60 range in the near term.
- Resistance area is around the recent 78.6% retracement (7.10) after the reversal from a Bullish Bat. Harmonic pattern.

Trading Plan
- Buy the breakout.
- Also a potential position play if it dips towards 5.80~6.20 area.

MPI: At the resistance zone

Metro Pacific Investments Corporation

MPI is now at the resistance area (6.1 ~ 6.3) and also kissed the resistance line of its uptrend price channel.

*RSI at overbought.
*Potential bearish pattern developing on Stochastic.

Trading Plan
- Take some profit (sell) at resistance area or scale down position (like selling half and profit run the rest of the position with trailing stop.