Megaworld Corporation (stock symbol: MEG) has seen a short-term downtrend run for almost a month, after sellers successfully defended the 4.80 resistance area which has been keeping a lid on price since early-May.
Will the short-term bounce from the 4.10s snowball into an attack that will revisit the highs? We’ll soon find out.
A significant part of the 4.50-5.00 target has been reached since my March post, but 5.00 remains elusive. Buyers can reach and break through 5.00 as long as they can defend 4.00. If 4.00 breaks, downside risk is for a rather quick move toward 3.00-3.50.
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