MEG - closed gap down

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Megaworld seals buy of old Iloilo airport for P1.2B

Property developer Megaworld Corp. has purchased the 54.5-hectare old airport in Mandurriao, Iloilo from the government for P1.2 billion. In a disclosure to the Philippine Stock Exchange dated Oct. 1. Megaworld said it has signed a sale and purchase agreement with the government for the property, which it pans to transform into a business district. "Megaworld envisions its project to become a magnet for major business process outsourcing companies interested to set up shop in the Visayas region," the company said. Megaworld said it has already applied with the Philippine Economic Zone Authority for a special economic zone license for the area. Aside from building a BPO complex, Megaworld said it also plans to construct educational facilities in the area geared at equipping prospective employees of call centers and other BPO firms.


MEG = 3.9 (1.3%)

After forming a long white candle MEG closed a previous gap down today and confirmed bullishness by closing above yesterday's close and achieving both a higher high and higher low.

Support: 130MA (3.6-3.65)
Resistance: 3.95 - today's high

Good luck to all MEG traders!

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