I see another double whammy for MEG. It's failure to breach past P2.70 for four days last week eventually led to its breakdown. Not just a breakdown from its ascending triangle formation it had been forming at that time, it likewise confirmed what I see as a double top formation, a bearish pattern. Target price? Piso??? On a side note, I've seen a similar pattern below in EEI (see my previous post). Though I expected EEI to break down further, it actually reversed and broke above its neckline. Bad call? I don't really know. Let's see if MEG can recover.Friday, February 22, 2008
MEGa Bear
I see another double whammy for MEG. It's failure to breach past P2.70 for four days last week eventually led to its breakdown. Not just a breakdown from its ascending triangle formation it had been forming at that time, it likewise confirmed what I see as a double top formation, a bearish pattern. Target price? Piso??? On a side note, I've seen a similar pattern below in EEI (see my previous post). Though I expected EEI to break down further, it actually reversed and broke above its neckline. Bad call? I don't really know. Let's see if MEG can recover.
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