Philippine Stock Market – Update on selected stocks 12/11/2015

stock market

PSEi – the resistance slope together with the Kijun Sen line has been a strong resistance for the index. Notice on weekly chart how it prevented the price from moving up. As of now there is no bullish candlestick formation which means index may still go down and find support at 61.8% Fibonacci Retracement level or around 6629. This could be a strong support.

PSEi12112015

AGI – may visit the low last September as it broke last Friday the support at 78.6% Fibonacci Retracement level. Support seen from 15.30 – 15.16 Either you test by when it hits the support area or wait for the bullish candlestick formation.

ANI – daily chart shows how strong the resistance at 5.0 per share is. It has been tested 3x but the bulls can’t close the price above it. Although we don’t see bearish candlestick formation as of now, price may move sideways within 4.50 – 5.00 per share. Take note that RSI or Relative Strength Index is still above 70

BLOOM – weekly chart shows no sign of reversal for this stock as of this time. Last week it fell by 14.9% to close at 4.41 per share. Next support is at 3.57 per share or 161.8% Fibonacci Retracement level. Don’t catch falling knives. Let it bleed. Test buy when it hits near support specially if it for a bullish candlestick. No need to rush.

BRN – broke the support slope and could be creating another trend. The Kumo has been preventing the price from moving up. This could lead the price to move towards the lower limit of the range which is 0.71 per share.

CEB – may continue to drop this week while no bullish candlestick formation has been formed. Support is at 79.80 per share which may extend to 77.7 per share.

COSCO – went up by 3.2% last week and may continue to move up and test the Kumo. At current strength, COSCO could be able to hit 9.x level

CROWN – went down by 5.3% last week to close at 2.30 per share. The Kumo and the 61.8% Fibonacci Retracement level were able to support the price last week but no bullish signal came up yet. It may continue to test the support before bouncing. Test buy only if bullish candlestick formation will appear.

DAVIN – sideways movement for the week with 1.51 per share as its support. It may move up but Kumo is there to stop the price from moving further up.

DD – went up by 5.3% last week but with higher RSI or Relative Strength Index, this stock may correct soon.

DNL – fell by 14.2% to close at 7.98 per share last week. It may find support at 7.7 per share which could extend towards 7.46 or 50% Fibonacci Retracement level. Test buy when it hits the support especially if you will see a bullish candlestick formation.

DNL

DNL

GERI – haven’t found support yet. It may continue to fall and hit the previous low of 1.0 per share.

GLO – may continue to fall and find support at 1,700 per share

ION – may continue to move sideways with 2.30 per share as resistance while 2.0 per share as support.

JFC – more bullish signals seen on weekly chart. As of now we have the green signal from Chikou Span as it moves above the price action. Tenkan Sen line maintains its course above Kijun Sen line and price is about to break the Kumo. I think it is heading towards 219.75 per share. Support is at 206.5 per share should it fall.

LPZ – currently at the support area. Weekly chart shows price is supported by the Kumo. Should it break, next support is at 6.80 per share. Test buy at support level especially a bullish candlestick formation will appear.

LR – may continue to fall. Support is at 8 per share. Monitor for possible positive movement once it reached support.

LTG – may continue to fall and hit the Kijun Sen line at 13.62 per share. Notice how the KSL was able to pull the price down as it move horizontally. This line will act as support once price hits it. So that is a good place to test buy especially if you will see a positive action on that area.

MAXS – price continue to test the support at 21 per share. Will there be a spike this week?

MCP – the stock is trading in an unexplored area. The only supports we will consider at this point are the psychological supports. These are 2.0 then 1.5 per share.

NOW – second test for newly found support after the resistance was broken last Wednesday. So far the 0.85 per share is holding. Price may test resistance this week which is at 0.95 per share.

PLC – price fell by 7.5% last Friday to close at 0.74 per share. It is currently at 161.8% Fibonacci Retracement level. Test buy if this support will hold. Should there be a spike, resistance will be at 0.86 per share. RSI or Relative Strength Index is at 11

PLC

PLC

PPC – doji after doji but so far the bears are in control. This week we see another Doji. Will this be the week for PPC to spike towards Kijun Sen line? Notice the KSL has been moving horizontally.

PSPC – weekly chart shows bears are still in control. The stock may continue to drop towards 161.8% Fibonacci Retracement level or 1.58 per share.

RWM – the stock has been on a downward trend since it hit 5.0 per share two months ago. Currently it is at 78.6% Fibonacci Retracement level. Will it bounce from here or support will be broken just like the previous supports? Test buy at current level but remember next support is at 3.18 per share

SBS – no bullish signal has been formed yet and possibly it will reach 5.8x before the bulls will be able to start creeping in. Test buy at current level down to 5.8x

X – sideways with bearish bias
Caveat!

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