{"id":17983,"date":"2011-01-12T08:15:05","date_gmt":"2011-01-12T13:15:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17983"},"modified":"2011-01-12T08:15:05","modified_gmt":"2011-01-12T13:15:05","slug":"megaworld-meg-stocks-slowing-down","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/12\/megaworld-meg-stocks-slowing-down\/","title":{"rendered":"Megaworld (MEG) Stocks Slowing Down?"},"content":{"rendered":"<p><a href=\"http:\/\/static.seekingalpha.com\/uploads\/2011\/1\/12\/650046-129483789213857-lytman02_origin.jpg\"><img decoding=\"async\" src=\"http:\/\/static.seekingalpha.com\/uploads\/2011\/1\/12\/650046-129483789213857-lytman02.jpg\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><br \/>Megaworld Corporation (<a href=\"http:\/\/www.laidtrades.com\/category\/stocks\/philippines\/Megaworld-Corporation\" target=\"_blank\">MEG<\/a>) has made an awesome run in 2 years. From <a href=\"http:\/\/www.laidtrades.com\/category\/forex\/usdphp\/\" target=\"_blank\">PhP<\/a>0.44 back in March 20 of 2009, it shot up to a 2-year high of PHP 2.84. An outstanding 545% gain that is. In spite of many developments  including the Newport City, The Palm Bay in Roxas Boulevard, One Uptown  Place in Taguig City,&nbsp;The Venice in McKinley Hill and the upcoming PhP  60 billion&nbsp;homebuilding&nbsp;program that would provide&nbsp;18,673 residential  units,&nbsp;the MEG stocks are looking to slow down recently as for my  technical perspective.<\/p>\n<p>In the process, there could be a&nbsp;4-month <a href=\"http:\/\/www.laidtrades.com\/chart-patterns\/head-and-shoulders\/\" target=\"_blank\">head and shoulders<\/a> formation in the daily stock chart of Megaworld. The stock price has  gone&nbsp;below the 50 and 100-period moving averages which indicates a sell  signal. The MACD is moving below 0 which indicates weakness. A break  below the neckline of the said formation could lead the stocks to my  target price of PhP 1.86. I got this by gauging the size of the base of  the head and shoulders pattern and added it to the possible breakdown  point. If MEG doesn&rsquo;t rebound from the PhP1.86 price mark, the next  support could be the 22-month uptrend. Well, my bearish outlook is just  for the near term. In the bigger picture, the overall trend is still  northbound. In case MEG surpasses this bearish looking reversal area  pattern and turns out bullish, it needs to first break its 2-month  resistance. Upon doing so, the next resistance could be PhP 2.84.<\/p>\n<p>More on <a href=\"http:\/\/www.laidtrades.com\/\">LaidTrades.com<\/a> &#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Megaworld Corporation (MEG) has made an awesome run in 2 years. From PhP0.44 back in March 20 of 2009, it shot up to a 2-year high of PHP 2.84. An outstanding 545% gain that is. In spite of many developments including the Newport City, The Palm Bay in Roxas Boulevard, One Uptown Place in Taguig &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/01\/12\/megaworld-meg-stocks-slowing-down\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Megaworld (MEG) Stocks Slowing Down?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-17983","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=17983"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17983\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}