Wednesday, November 14, 2007
MEG - closed previous gap down
MEG = 4.1 (7.9%)
MEG formed a white candle with higher high and higher low to close the previous gap down and move above the 32MA.
MEG looks to rally to test the resistance made by the previous gap down.
Resistance: 4.3-4.35 (previous gap down)
Support: 32MA, 3.95, 3.8/3.75/130MA
Good luck to all MEG traders!
Megaworld Q3 net profit jumps 28.5 pct on higher revenue (from Citiseconline and Technistock)
Megaworld Corp, the Philippines' second-biggest property developer, reported Friday a 28.5 percent increase in third-quarter earnings, underpinned by gains in residential projects and rentals from offices leased to business process outsourcing companies (BPO). Net profit for the quarter came in at 844.3 M pesos compared to 656.9 M pesos in the same period last year. For the first nine months, net profit rose 52 percent to 2.29 B pesos, with revenue up 53 percent at 10.1 B pesos. Megaworld has upgraded its full-year reservation sales target to 19 B pesos, from 17 B pesos previously, given the continued strong demand for homes and BPO offices. At the start of the year, the target was set at 15 B pesos. "This series of upgrades is proof that the Philippine property market remains robust and resilient despite the subprime woes in the US," chairman and president Andrew Tan said in a statement. Megaworld closed 10 centavos or 2.4 percent lower at 4.10 pesos on Friday, ahead of the release of its results.