MWIDE:
- Both Weekly and Daily Charts are improving (Positive MACDs with buy signal)
- The stock just broke out of its resistance at around 19.9-20!
- The stock is currently overbought
- Price is at the border of the upper Bollinger Band (good momentum)
If I were positioned in this, I would hold until the target price of around 24-25 pesos per share. The stock is at an all time high and is still poised to go up after the breakout with volume today!
If I were looking to buy, I would either wait for confirmation of the breakout and buy at the end of the day (aggressive), or wait to see if retests support at either the moving averages or at the support of 20 pesos per share (conservative) since it is currently still at overbought levels.
The stock has been on an amazing uptrend since 2016, and is positioned very well in an economy where infrastructure is the main emphasis. An amazing company with great fundamentals, and plenty of upside, Megawide is poised to benefit greatly in the next few years.
These are merely my own analysis as a swing trader, and not any recommendation to buy or sell. Please study the charts and stocks before executing your own trades.
Learn how I analyze stocks using my trading system.