MEG on another potential breakout

Megaworld Corporation

MEG is on a potential breakout again after a full retracement from Bullish Gartley harmonic pattern reversal. This time, its a potential breakout from a Pennant pattern, considered a trend continuation pattern with projected target price around 4.75.

*An immediate breakout from the resistance at 4.11 should provide the confirmation.

Trading Plan
- Buy the breakout with a tight stop-loss in case the setup doesn't pan out as expected.


Comments

Post a Comment

Popular posts from this blog

JFC price action analysis

Image
Jollibee Foods Corporation JFC is potentially forming a Bearish Butterfly harmonic pattern with PRZ (Potential Reversal Zone) around 229.80 (228.80~231.50 range).  In the short term, it will need to break the immediate resistance around 220 to give it higher probability of completing the harmonic pattern. The price action yesterday fails to break at close the immediate resistance at 220 and potentially formed up a Shooting Star candlestick pattern (considered a trend reversal pattern on confirmation). Trading Plan - Avoid for now if you are not in a trade yet. - The PRZ area is a potential profit taking zone.
Read more

SMC price action analysis

Image
San Miguel Corporation SMC is recently trading near its immediate support area including the 19-month uptrend line. Trading Plan - Potential buy near support with a stop-loss a few points below immediate support area (keep at least 1:2 risk/reward ratio, the higher the better).
Read more