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MEG potentially forming a bullish harmonic pattern
Megaworld Corporation A Bullish Gartley harmonic pattern is potentially forming on MEG with PRZ (Potential Reversal Zone) around 3.39 (3.37~3.42 range). The recent breakdown from its B leg (3.52) gives it higher probability of completing the harmonic pattern. Consensus on MEG Rating: Overweight Target Price Forecast: - TP High = 5.80 - TP Med = 4.61 - TP Low = 3.7 - Avg TP = 4.67 Trading Plan - Only trade the harmonic pattern once it is completed with a reversal pattern confirmation around the PRZ area ( will provide an update as it unfolds or invalidated ). - Set the stop-loss a few points below the recent swing low.
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.
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