Stock in Focus: Megaworld (MEG)

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Few old highs taken out? Check. Trendline intact? Check. :)

Megaworld Corporation (stock symbol: MEG) has burst through the 4.00 psychological level recently, and it seems it is eager to set new highs in the coming future.

The 6-year high set on April 23 is located at 4.31. The 4.00 level should ideally hold after any bearish attacks. If it does not hold, a decent retracement must remain above 3.50-3.80 to keep the bullish scenario alive. The 4.50-5.00 scenario remains alive so far, and the first quarter is far from over, so there is plenty of time to reach (and breach) it.

The MACD Oscillator (MACD-O) has been comfortable above the zero level since early February thanks to the considerable advance seen in price.

Philippine Stock Exchange_MEG Daily chart, February 26, 2014

MEG Daily chart, February 26, 2014

 

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