Figure 1: MEG Price Chart
MEG recently formed a bullish divergence upon touching its major trendline support (Blue Line). Short term down trendline was also broken today on a very high volume transaction. I am expecting MEG to be moving higher on the next couple of days. This may follow the movement of its parent company AGI.
If you can remember I have recommended AGI, as one of my stock picks last August 18, 2012 at a price of about P11.30. Current price of AGI today is P12.94. If you still have this stock then hold on to it to let your profits run. I am expecting it to continue moving up to revisit its previous high of about P13.50 to P14.00.
Figure 2: Latest Price Chart of AGI.
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