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

NOW on a technical rebound

NOW Corporation

NOW is again on a technical rebound after hitting the support line of its uptrend price channel. The trend reversal was signaled by a Bullish Harami candlestick pattern as it hits the support area.

*Observe the volume on every pullback as well as the volume when it hits the resistance line of the price channel. A significant deviation from this pattern will likely warn a new direction of future price action.

See previous analysis as it hits the support line of the price channel including appropriate trading plan:
https://psetrends.blogspot.com/2017/03/now-price-action-is-back-to-uptrend.html

See previous analysis for reference on the prior pullback.
https://psetrends.blogspot.com/2017/03/now-bearish-pattern.html

Trading Plan
- Range trade the price channel.
- Set appropriate stop-loss on every trade.

AGI on a range bound price action

Alliance Global Group, Inc.

AGI is consolidating in a range-bound price action with a historically strong support around 12.20 (the previous resistance and price congestion area during 2011 consolidation). Immediate resistance is around 13 where three previous short rallies were rejected.

*Gap to fill between 13.90~13.96.
*Major resistance area is around 13.90~14.00 (a potential level to take profit).

Trading Plan
- Range trade the consolidation (buy the support, sell or scale down near the resistance. Set stop-loss a few points below support, maintaining at least 1:2 risk/reward ratio.
- Also, a potential medium term position trade as downside risk is relatively minimal (still consider a stop-loss to manage risk).

TEL on a breakout

PLDT Inc.

TEL is on a breakout from a bullish Head-and-Shoulder Bottom pattern with a projected target price around 1930.

*Immediate resistance is near 1700 (1680~1700 area).

Previous breakout from a Falling Wedge pattern has already hit the target at 1618.

Trading Plan
- Buy near the breakout area.
- Set stop-loss on breakdown from 1386 for around 1:2 risk/reward ratio.
* Note that the pattern took months to complete so don't expect a short term reward. This is potentially a slow mover if the uptrend continues.

NOW price action is back to the uptrend support

NOW Corporation

For the 4th time, NOW's price is back to the support line of its uptrend price channel. If it continues to follow the historical price action around this area, there will be a probability of a technical rebound.

Previous analysis:
https://psetrends.blogspot.com/2017/03/now-bearish-pattern.html

Trading Plan
- Test buy near the uptrend support line.
- Cut-loss on uptrend price channel breakdown.