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.