Manila Water Company or MWC in the Philippine Stock Exchange, a subsidiary of Ayala Corporation, is in the business of water delivery and sewerage sanitation services to the East block of Metro Manila. [Read more...]
PHILIPPINE STOCKS: MWC (MANILA WATER COMPANY, INC.) 10-9-2008
A breakout from a symmetrical triangle pattern is more likely to happen if the said pattern is coming from an uptrend and if it is coming from a downtrend it is more likely to go down as explained by technical analysis. From my last post about MWC, it had been true that it was forming a symmetrical triangle (pointed out by the red diagonal lines in the picture) and I was bullish because it came from an uptrend (from 2006-2008) however it went down. This situation doesn’t happen often but in the case of MWC it did as a result of the terrible condition of the global markets. Click image to enlarge!PHILIPPINE STOCKS: MWC (MANILA WATER COMPANY, INC.) 9-2-2008
A nice looking symmetrical triangle for MWC. This will be confirmed once it breaks out of the resistance (topmost red horizontal line) at 18.25 with an initial target of 21. Click image to enlarge!
