Company: Megaworld Corporation
Support: 3.10 / 3.00
The stock has finally — FINALLY — found a bottom after being sold down for 10 straight days. Although while selling pressure seems to have settled down, it has not disappeared completely.
Indicators are still pretty bearish, and momentum is still relatively high. Nonetheless, share price volatility has gone down significantly. This means that MEG is finally starting to consolidate.
Should the 3.10 base hold today, MEG could start a slow rally next week — emphasis on slow. As we mentioned before, this range is considered to be MEG’s buying region.
It is now trading below all major MA’s near its 6-month low. Closely monitor the 3.10 level, for this is the make-or-break support that could turn the tide for MEG in the next few weeks.