Stockwatch: MEG, PX

(MEG Chart as of June 2, 2009)

MEG - should volume diminish while it consolidate, then it still a good stock to play.

Diminishing volume, while consolidating on a tight range between 1.1 and 1.18 will give us a small flag/pennant formation.

I think such formation is needed to be able for MEG to propel its way up to 2.50. =)

But, it is important to observe stop-loss too..

(PX Chart as of June 2, 2009)

PX furtheer confirmed its breakout from the pennant with huge volume.

It even went passed the 7.8 previous high last mid-Aug 2008.

Measured target price @ 8.6 which is also the breakdown point last Feb 2008.