STOCK CHARTS AND ANALYSIS – MEG
STOCK CHARTS AND ANALYSIS – MEG
In accordance with our Independence Day commitment, following is our Technical Analysis of MEG (MEGAWORLD CORPORATION) as of July 27, 2015.
This is the first of our THREE for FREE for this week.
TA – The Responsible Trader’s Way – No Hyping, No Bashing Just Plain Cold Facts.
Positive
1. Attempt to recover after Double Bottom. MEG appears to be attempting to recover after a Trendline break and hitting a Double Bottom Chart Pattern.
Negative
1. Breakdown from 61.8% Fibo Support. After breaking its Uptrendline, MEG suffered from several breakdowns from its 61.8% Fibo Support. These suggest weaknesses on the technical structure of MEG. Failure to recover the 61.8% Fibo Support could send the stock to a 100% retracement and bring the price back to P4.13.
2. Price action below 15 EMA and 20 SMA – Bearish -Short Term . MEG’s recent price action below the 15 EMA and 20 SMA shows that it is Bearish on the Short Term.
3. Price action below 50 SMA – Bearish – MediumTerm . MEG’s recent price action below the 50 EMA shows that it is Bearish on the MediumTerm.
4. Price action below 200 SMA – Bearish – Long Term. MEG’s recent price action has also fallen below the 200 SMA showing that the stock is now in Bear territory.
We will use some indicators to see how MEG stands in terms of trend strength and and momentum.
5. MACD on Dead Cross. The MACD is now on a Dead Cross and the MACD, Signal line and histogram are all below the zero line showing weakness in momentum.
6. RSI Failure swings. The stock failed to make higher highs and attempts have resulted in several failure swings. These further confirm the weakness in the stock’s momentum and trend.
NOTE: Positive points are things that could work in your favor. Negative points are things that you have to watch out for.
The Chart and Analysis is presented for educational purposes only and should NEVER BE TAKEN as a RECOMMENDATION to BUY, HOLD, or SELL.
Please trade with CAUTION, please trade with CARE. As always, IT’S YOUR TAKE, IT’S YOUR CALL. IT’S YOUR MONEY AFTER ALL.
Good luck on all your trades.