Trader's Logbook

MEG is up by 2.59% to continue its ascend since last Friday. Is it the reversal point for MEG? I think the Harami last Friday has a confirmation but not that strong. Lesser volume today than that of last Friday but still we are optimistic that at least this may go sideways with resistance around [...]

MEG climbed up the 23.6% Fibonacci Retracement level based on 1-year time frame. It climbed by 3.56% from previous price with relatively good volume from yesterday. It seems that last Monday’s volume showed that the bearish sentiment is dissipating and today’ buyers are coming in thus pushing the price higher. Will this continue or it [...]

Will the Harami going to secure a good position for bulls to defend its ground or it is just a bull trap luring new entrants to get in and be left in the cell? After a few days of descend we have seen MEG to rise by 2.05% or 3.98 a share. Just two flucs [...]

MEG went down by 3.10% last Thursday as the bulls retreated to find a good support and it seems they were able to control the bears last Friday. Based on our chart we could see a horizontal channel that MEG’s price is currently moving. Is this going to be the track that MEG will follow? [...]

It seems that MEG is not yet done testing the support line at 4.0 as it displays a bearish sentiment this week. The bulk of the traded volume is concentrated at 4.09 and 4.10 with RSI at 54.61 Caveat!

MEG went up by 4.33% following the buy recommendation from COL. New FV estimate is now 4.90 (https://www.citiseconline.com.ph/Final2/ResearchCompUpdates/DOWNLOADS/2013-04-18-PH-S-MEG.pdf) Because of the rally, we have now a newly found support near or at 4.00 Normally there will be a test of support after the break. Based on Fibonacci Retracement level, our next support will be at [...]

Too bad for those waiting at 3.5 for MEG as it reverses taking the cue from the Doji instead of diving to its support. MEG is up by 2.68% from yesterday’s price to close at 3.83 per share. I will still wait at 3.50 until a break from 4.0 will happen. Caveat!

Will MEG hit the support line again? Looks like it is heading on that direction. Although last Monday’s candlestick is a Doji, it wasn’t able to close above the 20-day SMA line. This could mean that the bulls are not yet interested in bring the price up. Maybe we can fetch some shares at 3.5? [...]

MEG is having a hard time at this point staying above 4.0 Last Feb 20 it was able to bring its price above 4.05 but failed to stay there and closed at 3.9 Last Feb 25 could have been a great day for MEG as it closed at 4.0 but the following days wasn’t good [...]

MEG is now testing its support at 3.33 which was the breaking point last time when it went up to as high as 3.52. Are we going to find our support here or bears will be more aggressive? Will it create a range of 3.33 – 3.52 forming a rectangle before continuing to go up? [...]

MEG jump at the opening to start at 3.34 instead of dealing with the 3.33 resistance (which is now our support). Although MEG hit the 52-week high I think 3.33 is still the support as of this time. Today’s trade was heavy at 3.40 level where it has 20.4% of the total volume. White Marubozu [...]

After staying most of the time at 3.2+ level, JP Morgan broke the 3.3 mark less than an hour before the closing. MEG closed above the resistance level of the consolidation area but yet another resistance from the 52-week high at 3.33 is stopping MEG to move forward. Are we going to see a break [...]

Looks like current price movement of MEG is bounded by the parallel lines of support and resistance thus forming a rectangle pattern. Currently, it is in consolidation mood and may soon break from the formation. The direction of the next significant move can only be determined after the breakout has occurred. But on this case [...]

MEG‘s 3 days ascend ended today with a 5% decline and forming a Harami pattern at the end of today’s trading. Looks like a start of the correction? Harami is a low reliability bearish candlestick pattern which means there is a chance bulls will still be able to control the battle field but just be [...]

Going down two days in a row for MEG following the Doji candlestick at the top of the trend that suggests a reverse from prior trend. Remember we have a Harami formation few days ago that was followed by an upward trend. How deep will MEG go down after going up for 4 days? Looking [...]

MEG is retesting the support level at 23.6% Fibonacci Retracement level. Will it hold? Last few days ago (Strong defense) the bears tried to pull the price down but was not successful to do it as it rebound a little just to get away from the support level. This time its about to touch that [...]

Looks like MEG don’t want to dip more. There was a strong signal of disparity about the market’s health. Yesterday we experience a sell off which was represented by the large candlestick. It has a big volume too. But today we see an undecided sentiment among buyers and sellers. This is represented by a Doji. [...]

From last Monday when MEG draws the chart we know that the Harami might not work because it is not convincing. Today we see a large candlestick that cuts deep into the 23.6% Fibonacci Retracement level (6 months time frame). It suggests that bears are in control during this sell off. If we will also [...]

Interesting chart for MEG as it go down the 23.6% Fibonacci Retracement level (6 months time frame) last Friday and today it went up from that level and forming a Harami. BUT no volume. Does the traders involved just want to draw a good chart? By the way Harami if found at the bottom of [...]

The sell off yesterday wasn’t finished yet as evident by today’s trading when MEG went down further with big volume. We don’t need the triangle for now as it clearly tells us it broke from the support. Let us now see the Fibonacci Retracement level on a 1 year time frame. Based on that it [...]