PSEi (Chart: Daily Resistance: 3533 Support: 3424)
The index had a short rally last week, breaking a 2 week sideways movement. This is a positive action for the index as it showed strength and was able to move further away from the support line. The only problem is that with the recent rally, the index has reached overbought level. So for the coming week, exercise caution as selling action might take center stage.
MEG-Weekly
MEG (Chart :Daily Resistance: 1.77 Support: 1.50)MEG had a rally breaking just above the resistance line of 1.74. This is short of a breakout from a cup and handle formation (see weekly chart) or an ascending triangle with a target price of 3.00. The only problem however is that the recent rally has created 2 gaps and the stock has reached overbought level. Another gap formed for this week might not be sustained and a return move towards the support may happen. Watch out for the resistance at 1.77 if this is breached with large volume, then the stock would be heading towards its target at 3.00
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