Philippine Stock Market – Update on selected stocks 3/17/2017

Philippine stock market

ALCO – sideways with bearish bias. Price is currently moving inside a downward channel. Immediate support is at 1.37 per share while resistance at 1.45 per share.

ANI – a healthy retrace while others are taking their profits and price movement looking for a new solid support.

APL – found support at the Kumo or Cloud but we don’t see any bullish candlestick formation yet. There could be a spike but as of now it could just be a fire exit unless a green signal will appear. In case decline will continue this week, next support will be at 0.045 per share while resistance is at 0.052 then 0.057 per share.

ARA – no confirmation to the Doji candlestick but bulls are not giving up yet. The price movement last week created a Hammer which could be a bullish signal holders are waiting for. But like the Doji, this signal needs a strong confirmation in order to see that the sentiment has changed. Better to wait for the confirmation before buying.

BEL – toppish at current level and and has retraced by 2.4% last week to close at 3.66 per share. It tested the support at 3.60 per share and was able to hold. But I think BEL is not yet free from sellers this week. RSI or Relative Strength Index is at 72. Down from 81 on previous week.

BELLE CORPORRATION

BELLE CORPORRATION

BHI – broke the resistance at 0.0714 per share and is heading towards the Kumo which is where the resistance starts. Once it hits there or at 0.080 per share, see if bearish signal will appear.

BLOOM – sideways but maintaining its bullish bias. Support is still at 7.0 per share mark.

BPI – went up by 5% to close at 102.40 per share breaking the barrier at 101.22 per share. This becomes the new support. No bearish signal as of last week’s closing which means price is likely to continue moving up this week.

BRN – still bearish at this point.

CAL – broke the support at 2.24 per share. It went down by 5.6% last week to close at 2.20 per share. Price may continue to drop to 2.06 per share which is at 127.2% Fibonacci Retracement level.

CEB – the support at 90 per share provides a bouncing board for CEB when it went up by 3.5% to close at 93.60 per share but seems like it is going to have a headwind at current level. Although the flat Senkou Span line of the Kumo could also help pull the price up.

COSCO – went up by 3.5% last week after it hit the support slope the previous week. Is it going to proceed towards the resistance slope this week?

CROWNChikou Span turned green last week which puts CROWN into a reverse mode. Will it be able to break the Kumo this week? Most likely as we don’t see any bearish signal formation at last week’s close.

DAVIN – bullish sentiment weakens after it went down by 3.4% last week. Chikou Span line is about to cross the price movement from above.

DD – sideways with bearish bias.

DNL – the Kijun Sen line at 12.12 per share is still a threat to DNL’s price movement.

EDC – having a hard time breaking the Kumo but I think the bulls still have the strength to do it. Ichimoku elements such as Chikou Span, Tenkan Sen line – Kijun Sen line (cross) are in bullish setup.

HLCM – after consecutive drops, looks like the bears are tired and bulls may take control. This is depicted by the Dragon Fly Doji. We need a large green candlestick for confirmation. RSI or Relative Strength Index is 15.84

IDC – this is the second time the bulls tried to break the resistance provided by the Kijun Sen line but failed. Price may continue to move sideways.

ION – is currently at the suppport’s mercy but without bullish candlestick signal, you have to take extra care if you want to get in this early.

JFC – currently at 78.6% Fibonacci Retracement level which acts as support. Opportunity to buy if you see a bullish candlestick formation. RSI or Relative Strength Index is at 31

LIHC – if price movement will respect its current trend, then price will soon retrace as we have seen it touched its peak at 1.25 per share. Bulls may try to test that resistance again the week but no further unless bulls will not follow the current trend.

MAXS – still nothing has changed so far. We see sideways movement this week. Trading range at 27.30 – 25.52 per share.

MBT – may continue to move up towards the resistance at 82.17 per share.

MCP – sideways with bearish bias

MRC – broke the rectangle formation and last Friday’s movement is considered a test to newly found support. A follow up test may happen but so far the stock is in bullish mode. Test buy near newly found support.

MRSGI – sideways with bullish bias

NOW – still within the bounds of its current upward channel with price near the support slope. Test buy at current level as long as it won’t break the support slope.

PCOR – went up by 6.2% after it touches the Senkou Span the previous week. Price may continue to move up with support area at 9.0 – 9.04 per share

PGOLD – sideways with bullish bias.

PIZZA – showing some bearish bias based on last week’s price movement and price may drop this week while Kijun Sen line at 13.40 per share tries to pull the price down.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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