MPI bullish harmonic pattern update

Metro Pacific Investments Corporation

MPI continues to trade within the PRZ (Potential Reversal Zone) of a Bullish Bat harmonic pattern. A test of 5.92 level or the full range of the PRZ area followed by a reversal pattern would be a good entry signal.

*The PRZ area is also significant as it falls near the 10-month uptrend line of MPI.

For detailed analysis and potential trading plan, please see previous post:
https://psetrends.blogspot.com/2017/03/mpi-on-another-bullish-harmonic-pattern.html

MPI Consensus
Rating: Buy
Target Price Forecast:
   - TP High = 8.50
   - TP Med = 7.90
   - TP Low = 6.55
   - Avg TP = 7.79

Updated Chart


Comments

Post a Comment

Popular posts from this blog

JFC looks toppish

Image
Jollibee Foods Corporation JFC's price action is now at the resistance line of an upward price channel. Yesterday's candlestick pattern also needs monitoring as it may develop into a bearish star pattern variant like an Evening Star pattern *Major support at 260 Trading Plan - For short term trading position, take profit or scale down position. - Set trailing-stop on remaining position.
Read more

PHEN harmonic pattern update 2

Image
PHINMA Energy Corporation PHEN technically completed the Bullish Shark harmonic pattern and fully tested the 2nd PRZ (Potential Reversal Zone) area around 113% retracement. A Bullish Engulfing pattern also formed up around the PRZ area - a potential trend reversal candlestick pattern. See previous analysis of this harmonic pattern here: https://psetrends.blogspot.com/search/label/PHEN Trading Plan - Buy as close to the 113% retracement PRZ area. - Set stop-loss a few points below the recent swing-low. - Potential TPs are the 38.2% and 61.8% retracements.
Read more

AGI breakout update

Image
Alliance Global Group, Inc. AGI is on a breakout continuation after filling the gap at 13.90~13.96 which also serves as its major resistance area. The measured price target of this breakout is at 15.30~15.60 range. *Immediate resistance area is around 14.80~15.00. It's already up +17% on position play (see link below for more details on this trade recommendation): https://psetrends.blogspot.com/2017/03/agi-on-range-bound-price-action.html See previous analysis: https://psetrends.blogspot.com/2017/04/agi-on-breakout.html
Read more