Trade Plan: MWC

MWC surprisingly closed at a new high today even with the bad market! Previous all time high is 19.90. Deutche and SB Equities created volume for the stock. Most were done at 19.60 and 19.94. So these should serve as short term supports.

The ugly thing about this is the spread!  bid price is 19.60 and ask side is 19.94. .34 cents spread? Nevertheless, I think the stock deserves to be added to the watchlist!

20 pesos is a round number so it’s also near a psycho resistance.

Buy signals: Turtle System 1&2, new 52-wk high, new all time high, volatility breakout.

Trade Plan:

Buy: Watch first tomorrow! 19.60, 19.94, 20.1

Stop: 19.45, 19.39

Risk: .49-.50 cents (low risk)

Max Position: 18k shares. Probe first 1k-2k shares.

EDIT: Found a report by SB Equities last December 9. Hmmmm :)

MWC unit to acquire 49% in Vietnam Bulk Water Supplier

(R: Maintain BUY, TP 22.50)

*              Manila Water Co.’s disclosed that its unit, Thu Duc Water Holdings Pte. Ltd., signed an agreement to buy 49% of Thu Duc Water BOO Corp.

*              Thu Duc Water BOO is the largest private bulk water firm in the southern part of Vietnam and has bulk water supply contract with the Saigon Water Corp., with a minimum billed volume of 300mn liters per day.

(Bloomberg)

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