MEG (Chart: Daily Resistance: 3.45 Support: 3.25 )
MEG earlier had an ascending triangle formation with resistance at 3.30. The stock had a failed breakout from the ascending triangle as price brokeout with low volume. However, a second ascending triangle is still intact with resistance at 3.45. The price movement is currently near the apex of the triangle, if it does not break out, expect either a sideward to down movement. If it does break out from resistance, it has to have above 200M in volume for it to be considered a valid breakout. Target price is 4.30. Recommendation: Buy near support level of 3.20-3.30. Cut loss at 3.0
MIC (Chart :Daily Resistance: 2.70 Support: 2.30/2.40)
MIC previously had a failed breakout from a symmetrical triangle. The volume on the breakout was significant, but insufficient to call it a proper breakout. What the failed breakout did was to further widen the symmetrical triangle. Target price is now at 4.90. This week price may move side to downward. Recommendation: Watch out for support levels at 2.40 and 2.30, increased trading volume at those price levels of around 10M may suggest a good support. Buy at those levels. If incase price moves down cut loss at 2.25
MEG earlier had an ascending triangle formation with resistance at 3.30. The stock had a failed breakout from the ascending triangle as price brokeout with low volume. However, a second ascending triangle is still intact with resistance at 3.45. The price movement is currently near the apex of the triangle, if it does not break out, expect either a sideward to down movement. If it does break out from resistance, it has to have above 200M in volume for it to be considered a valid breakout. Target price is 4.30. Recommendation: Buy near support level of 3.20-3.30. Cut loss at 3.0
MIC (Chart :Daily Resistance: 2.70 Support: 2.30/2.40)MIC previously had a failed breakout from a symmetrical triangle. The volume on the breakout was significant, but insufficient to call it a proper breakout. What the failed breakout did was to further widen the symmetrical triangle. Target price is now at 4.90. This week price may move side to downward. Recommendation: Watch out for support levels at 2.40 and 2.30, increased trading volume at those price levels of around 10M may suggest a good support. Buy at those levels. If incase price moves down cut loss at 2.25
MBT (Chart: Daily Resistance:63.50/ 66/68 Support: 62)MBT broke out from a very small ascending triangle with resistance at 62. Target price is at 68, but resistance may be encountered along the way up at 63.50 and 66 level. Profit is small, but nonetheless it price is able to break resistance at 68, this means that price is now resuming its upward move. Otherwise, price may consolidate further between 60-68 level. Recommendation: Buy, but watch out if price fall back in the triangle.
AJO (Chart: Daily Resistance: 0.075 Support: 0.070)AJO seems to be forming a head and shoulder pattern. The highest point of the right shoulder has been formed. Now just waiting for the neckline to be breached.
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