The higher swing low set by Megaworld Corporation (stock symbol: MEG) just before the new year prevailed, and price went on to form an ascending trendline. Since then, the stock printed new higher swing highs and lows, closing in on the 3.80.
One point of concern is the Detrended Price Oscillator (DPO) has posted a bearish divergence (see red lines on the chart) just ahead of a higher resistance around 3.90.
Will we see 4.50-5.00 this year? We’ll see. MEG needs to take out the old highs first. 3.50 and the trendline must hold as well.
Wait for my update of this stock in the next few weeks.