Philippine Stock Market – Update on selected stocks 11/04/2016

Philippine Stock Market

ALI – currently sitting at the 50% Fibonacci Retracement Level support which could be a bouncing board for ALI which is near the oversold level. RSI or Relative Strength Index is at 35.8 on weekly chart. Noticeably, this level where the price is hovering as been a support level last May. Test buy at current level.

AYALA LAND INC

ANI – sideways with bullish bias while price is inside the Kumo. Support seen at 3.5 per share

ARA – the Kumo was able to support the price of ARA last week. It also ended with a Doji candlestick which could mean bears’ power is slowing down. Test buy at current level. Next support is at 2.00 per share in case it will turn sour so plan your trade.

BEL – went up by 6.2% last week to close at 3.10 per share. Support is at 3.00 per share but we see a weakening of bulls last week. For those who were able to get some share last week, just hold. Resistance is at 3.13 per share which could give a bullish signal if broken.

BLOOM – up by 6.4% to close at 6.30 per share last week. Bigger chances of going up this week based on its price movement last Friday when it broke from the Kumo. This is a bullish signal called Kumo Break. Resistance at 6.8 per share may be challenged this week.

BPI – fell by 3.5% to close at 97.55 per share testing the support at 97.14 per share which corresponds to 38.2% Fibonacci Retracement level. Test buy if you see a bullish candlestick formation.

CEB – sideways with bearish bias

CHP – sideways with a possible spike towards 11.88 per share as long as Kijun Sen line is moving horizontally at the level.

COSCO – sideways with bullish bias

CROWN – continues to consolidate inside the triangle. Test buy near the support.

CROWN

CYBR – sideways with bearish bias unless you will see a bullish candlestick formation at the end of this week, then test buy. The bounce from 78.6% Fibonacci Retracement level is not yet negated.

DAVIN – may continue its ascend this week and challenge the 7.11 per share resistance posted by Kijun Sen line.

DD – sideways with bearish bias

DMC – at 61.8% Fibonacci Retracement level. This could be a bouncing board for DMC but wait for Doji’s confirmation this week.

DNL – may continue to move within the 10.83 – 11.94 range. It is now at the lower range.

EDC – registered a strong bearish signal via Kijun Sen Cross but a spike could happen this week if last Friday’s Doji candlestick will be confirmed. It could just be a fire exit though.

EEI – still trading on its current range but KSL has bent which means its power to pull the price up has dissipated. Thus we consider a bearish bias at this time unless it will break from the Kumo

EW – sideways with bullish bias

FGEN – sideways with bullish bias

FOOD – Kijun Sen line at 1.04 per share could still pull the price up.

GERI – bears power has slowed down. Are we going to see a bounce this week?

IS – may continue to move up this week but could be short-lived. Resistances at 0.23 and 0.27 per share

ISM – support is still at 1.43 per share with sentiment seen to be bearish this week.

Sarisaring Tinda

LIHC – no bearish signal was seen last week but RSI or Relative Strength Index suggests that the stock is already overbought. Selling pressure may soon be felt.

LR – bullish signal seen last Friday but the newly found support may be tested this week. Test buy near the 5.16 per share support

MAXS – sideways with bullish bias. Support is at 25.52 per share

MBT – may continue to move up but will be facing resistance at 82 per share

MCP – sideways with bullish bias. Test buy at current level.

MED – range trade at 0.74 – 0.92 per share

MEG – went down at 3.69 per share but was able to recover at week’s close. Price movement was represented by a Doji candlestick which means bulls start gaining control of the stock. Test buy at current level or near 3.96 per share support.

MEGAWORLD

MER – may continue to move up this week and challenge the 284.22 per share resistance.

MPI – threat from Kijun Sen line at 6.58 per share is still valid. The possibility of MPI to go down is still there.

MRC – possible continuation of its spike towards 0.174 per share but may be short-lived.

MRGSI – a spike may occur for a fire exit. Overall sentiment is still bearish.

NIKL – sideways with bullish bias. Kijun Sen line at 7.15 per share may pull the price up.

PGOLD – daily chart shows the 127.2% Fibonacci Retracement level was able to support the price. Is it the buttom? Test buy at current level. Next support is at 38.20 per share in case it will turn sour. The stock is already at oversold level with RSI at 27.8

PLC – went up by 4.4% last wee after it tested the newly found support. Looks like 1.23 per share will be tested this week. If broken, next resistance will be 1.60 per share. Test buy at current level or wait for the breakout. Remember that the 1.23 resistance has been tested twice and proved to be a strong one

PXP – sideways with bullish bias. Target of 6.5 per share is still valid at this time.

SBS – bearish sentiment is still strong but a short-lived spike could happen as flat Kumo could attract the price.

X – fell by 7.9% to close at 10.7 per share last week. No bullish candlestick formation as of this time but its interesting to monitor while it is at support level. Test buy at current level or wait when you see a bullish candlestick formation.
Caveat!

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