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.
Showing posts with label MEG. Show all posts
Showing posts with label MEG. Show all posts
Friday, October 24, 2008
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.
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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