TUNA Watch

TUNA has been consolidating in an ascending triangle pattern since mid September. It's been trying to break the resistance at P1.42 a number of times already. Yesterday it tried to break out but closed at the resistance line. Today, it managed to close at P1.44 to break out from that resistance line. I'm concerned, however, in the lack of volume.

But what's worth noting is that it's now currently trading above the 50 & 100 day moving averages. MACD likewise have gone slightly above the zero line. Tomorrow could be a make or break for this stock as it tries to break out of that triangle. Watch out for that volume.

Mega No More

Well, it's not just this stock that's battered. Almost, if not all of the PSE's. But sure enough, this came not without a warning. When this broke down from a double top formation early this year (see earlier post), I plotted the target price to be below P1. At that point it's probably hard to believe. But if you follow your technicals, this shouldn't come as a surprise. Today, MEG closed at P0.76, even below the target price and could possibly go down further.

Remember, even Mt. Everest can sink in the Mariana's deep trenches...