{"id":19469,"date":"2011-02-15T09:14:40","date_gmt":"2011-02-15T14:14:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19469"},"modified":"2011-02-15T09:14:40","modified_gmt":"2011-02-15T14:14:40","slug":"megaworld-corporation-meg-poised-for-another-10-drop","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/02\/15\/megaworld-corporation-meg-poised-for-another-10-drop\/","title":{"rendered":"Megaworld Corporation (MEG) Poised For Another 10% Drop"},"content":{"rendered":"

\"Megaworld<\/a><\/p>\n

2010 was a marquee year for Andrew Tan’s flagship company Megaworld Corporation<\/a> or MEG in the Philippine Stock Exchange as it was able to book a 69.86%. However, MEG’s outlook had started to look a bit bleak around December as it started to form a head and shoulders pattern<\/a> which technical analysts consider as a bearish pattern. In my presentation in Absolute Traders’ year-end chart analysis forum last December, I noted that people should start to avoid MEG at that mean time given its technical set-up. In my colleague’s post in January 12 (kindly see it here<\/a>), he mentioned again MEG’s likely downturn. And guess what? Exactly a week after that (January 19), MEG’s breakdown occurred.<\/p>\n

Since breaching the head and shoulders’ neckline at PHP<\/a> 2.20, MEG had slipped to a low of PHP 1.98. After doing so, it managed to rally back to to the neckline but was unable o move past above it. For almost a month now, MEG has been stuck within a rectangle pattern<\/a> (trading between PHP 2.00 and PHP 2.20). Its bias, however, is bearish given its recent breakdown from a head and shoulders pattern. Hence, a fall below the rectangle’s support at PHP 2.00 could send it down to its downside target of PHP 1.80 or to its former high at PHP 1.74.<\/p>\n

So to avoid possible losses, I would immediately cut my long positions especially if the support at PHP 2.00 gets broken. Of course, I would want to sell my positions at rallies. But that’s just me. By the way, this is not to say that Megaworld Corporation is not a fundamentally sound company because it is. Perhaps the market is just waiting for a more attractive price before they get on board once again.<\/p>\n

More on LaidTrades.com<\/a> …<\/p>\n","protected":false},"excerpt":{"rendered":"

2010 was a marquee year for Andrew Tan’s flagship company Megaworld Corporation or MEG in the Philippine Stock Exchange as it was able to book a 69.86%. However, MEG’s outlook had started to look a bit bleak around December as it started to form a head and shoulders pattern which technical analysts consider as a bearish … <\/p>\n

Continue reading “Megaworld Corporation (MEG) Poised For Another 10% Drop”<\/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-19469","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19469","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=19469"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19469\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}