MWIDE Price Action Update

Megawide Construction Corporation

MWIDE is now trading again near the support line of its 8-month Upward Price Channel.
- immediate support area around 20.85.
- immediate resistance around 23.00.

Trading Plan
- Potential position trading opportunity again near the support areas. The lower the better approach (medium to long term trade still).

MWIDE price action analysis

Megawide Construction Corporation

MWIDE is currently trading at the support line of its 5-month Upward Price Channel.
- immediate support area around 17.70.
- immediate resistance around 19.70.

Trading Plan
- Potential position trading opportunity around the support areas. The lower the better approach (medium to long term trade)

MWIDE Chart Update (Bearish Confirmation)

Megawide Construction Corporation

The Bearish Doji Star pattern has been confirmed today and morph it into another bearish pattern, an Evening Doji Star pattern. Pullback or consolidation may potentially follow.

Previous MWIDE analysis:
http://psetrends.blogspot.ae/2016/07/mwide-potential-bearish-pattern.html

*Resistance zone at 9.6 ~ 10.1.
*Immediate support at 9.0 (around 23.6% retracement, considered a shallow pullback level).
*Potential retracement targets are indicated on the chart.

MWIDE: Potential Bearish Pattern

Megawide Construction Corporation

A Bearish Doji Star pattern is potentially forming on MWIDE as it hits the resistance zone. This is considered a bearish reversal pattern/signal but still requires confirmation. A confirmation of this pattern will likely lead to a pullback or consolidation. Potential retracement targets are indicated on the chart.

*Resistance zone at 9.6 ~ 10.1
*Immediate support at 9.0 (around 23.6% retracement, considered a shallow pullback level)

Trading Plan
- Scale down position
- Or take profit on bearish pattern confirmation