Philippine Stock Market – Update on selected stocks 08/28/2015
2GO – weak bearish signal seen last Friday as it crosses the Kijun Sen from above. Sideways movement may be seen based on the last candlesticks
AC – almost touch the Kijun Sen line at 747.5. The stock went up by 1.8% and so far we don’t see any bearish signal so there is a chance it will break the KSL and close the gap at 755 – 745.
AGI – the gap has already been closed last week. Will there be reason for it to go up in short term? KSL may pull the price towards 20.92 but it is bound to bend very soon.
ALI – the gap looks interesting. Possible closing of the gap this week as we don’t see any bearish signal from the candlestick
BLOOM – will there be another technical reason for BLOOM to move up after it close the gap last Friday? The stock is still in a bearish mood based on Ichimoku but Kejun Sen may attract the price towards 8.33 per share. Immediate resistance is at 7.34 per share. If the bulls will not be able to push it up and cause some bullish signal, price will eventually drop towards 5.5 per share
BPI – based on its candlesticks last week, BPI may move sideways with 84.19 and 86.83 per share
CAL – daily chart tells us that the bulls are still in this stock but is currently encountering strong headwinds. Immediate support at 3.92 while resistance at 4.06
CEB – the bears and the bulls continue to be in equilibrium and waiting for the other side to give up. Who will give up?
COSCO – may continue to go up to hit the Kijun Sen line and close the gap but may lose steam to continue.
CROWN – It is important for CROWN not to go below 2.6 to maintain green signal from Chikou Span but will it still go up after closing the gap?
DNL – approaching resistance slope. Will it be able to break? Looks like there will be more buyers this time than sellers compared to the last time it touched the slope
EDC – based on its weekly chart, EDC needs to close above 6.11 per share or 61.8% Fibonacci Retracement level in order to reverse. Better if it will close the gap in the process. If it will fail to show some bullishness, price will eventually drop to 5.29 per share
FGEN – having a hard time breaking the current resistance at 23.51 per share. The KSL is still moving horizontally at 24.7 but is about to bend down.
LTG – after hitting around 12.48 per share, LTG bounced but looks like it will have a problem with its new resistance. Will it be successful? The gap above and the KSL looks enticing
MEG – the Doji last Thursday wasn’t confirmed but if you notice the bulls were not able to break resistance posted by KSL. Current support at 4.29 per share then 4.19. Weekly chart suggests a possible double bottom formation for MEG which makes this stock interesting for this week.
PCOR – continue to move inside the downward channel. It is still possible to hit the upper slope.
PGOLD – there might be buyers are not willing to risk which adds to its bearish mood. KSL at 34.1 may attract the price and close the gap in the process but may not be able to make any Ichimoku element to turn green
PLC – did it hit the bottom when it hit the 1.16 area? Currently trying to move past the 1.25 mark with the help of KSL at 1.36 No bearish candlestick formation yet so it may continue to move up.
POPI – after hitting the 1.91 resistance and closing the gap, POPI went down by 2.2% to close at 1.76 per share. Price may move sideways with bearish bias this time.
PPC – the bulls are showing weak knees last week trying to break the 2.5 per share resistance but failed. Although KSL is still moving horizontally at 3.18 per share which could pull the price up, if price will touch below 2.2 per share then we bearish mood will continue.
SBS – after closing the gap, it is showing bearish sentiment via its last candlestick. The 4.91 per share resistance is preventing the price to move upward. Expect some sideways movement with bearish bias this week. Immediate support at 4.56 per share. Sentiment will change if we will not see confirmation from our Shooting Star
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