Philippine Stock Market – Update on selected stocks 3/18/2016

stock market

ANI – currently supported by 61.8% Fibonacci Retracement level last Friday after it dipped by 3.1% to close at 4.67 per share. Could this be the bottom or it will continue to go down? Based on its chart, this area down to 4.40 per share could be a strong support but until we will not see any bullish candlestick formation, don’t go in yet.

BKR – continued to move sideways with bullish bias which could spike towards Kijun Sen line at 1.75 per share.

BLOOM – looks toppish at current level with RSI or Relative Strength Index at 73. Did Friday’s Doji signal a possible retrace towards 4.91 per share? On the other hand, in case the Doji will not be confirmed, next resistance will be at 6.08 per share.

BRN – last Friday it was able to avoid going below the Kijun Sen line. It may continue to move up and face resistance near 0.95 per share.

COSCO – is back to its previous support at 7.20 per share. Does the long Black Marobuzo signifies this is the bottom for the stock? Test buy when bullish candlestick will be formed on Monday.

CROWNKumo Break from inside the Kumo suggests bearish sentiment. Threat at 2.27 per share is obvious at this time.

DAVIN – may continue to move within 5.7 – 6.94 per share range after it didn’t continue to move up and broke the newly found support created last Thursday at 6.64 per share. This time, it may go to the lower range 5.50 per share

DAVIN

DAVIN

DD – after breaking the resistance slope this week, there is a chance DD will move sideways to loosen up RSI which is now at 88.5 on daily chart.

DNL – currently having a hard time getting inside the Kumo. The last two candlesticks on weekly chart suggest DNL will move sideways.

EDC – after registering weak bullish signal two weeks ago, the newly found support (Kijun Sen line) failed to support the price. Last week’s break from the Kumo means we have a strong bearish sentiment. Support seen at 5.8 per share.

EEI – sideways with bullish bias as long as Tenkan Sen line will continue to move above the Kijun Sen line.

FNI – went up by 10.5% last week touching the Kijun Sen line which has been a big factor in pulling the price up. Now this line will become FNI’s resistance. Time to relax before going up again?

GERI – last Friday could be a signal for GERI’s resumption of going up. Notice how the Kijun Sen line protects the price from going down further. The stock may retest the 1.10 per share resistance this week.

ION – Doji candlestick was formed after touching the support line. It may move towards higher range (2.85 per share) so test buy near supports 2.6 and 2.58 per share

IS – sideways with range within 0.27 – 0.30 per share

LPZ – both weekly and daily charts show that the stock is currently at the resistance level. This could mean a retrace after successive rise. Support is seen at 6 per share.

LRW – sidways with bearish bias unless Kijun Sen line at 3.12 per share will bend.

MAXS – registered a weak bullish signal after price crosses the Kijun Sen line. Remember that this KSL has been a big factor in pulling the price up. Currently, this line is acting as the support meaning our support is at 19.15 per share in case the stock will retrace. But with higher RSI on daily chart, this stock may move sideways within 19.6 – 20.8 per share range.

MBT – continued to move up and is near the resistance slope at week’s close. But even before it will hit the slope, Kumo may take charge in preventing the price to continue moving up. If we will see a bearish candlestick formation, then this stock may retrace.

MCP – sideways with bearish bias caused by the power of Kijun Sen line and Kumo. See daily chart.

MEG – although we have a weak bullish bias 2 weeks ago, if the suport at 3.97 will not be able to hold, it could go down further and respect the trend set by the downward channel. In that case, last Friday’s high could be another lower high for MEG. But if 3.97 will hold, price will continue to move up and break the current trend. Next resistance will be at 4.53 per share. Test buy near support.

PCOR – Doji candlestick at the top of the current trend. Time to retrace?

PGOLD – set another bullish signal via Kumo Break on weekly chart. Support this time is at 36.8 per share which is the Senkou Span

PIP – is within the completion of its cup formation which means it is not a good idea for a fresh entry as it may soon retrace and create a handle. Wait for the handle’s bottom.

PPC – currently at support provided by the Kijun Sen line. Will it bounce from here?

SBS – tested the newly found support last week and so far it holds. Will it go up this week? Test buy near support at 6 per share

Caveat!

2 Responses to Philippine Stock Market – Update on selected stocks 3/18/2016

  1. sir, I've been following your blog for some time now and I just want to ask if ichimoku kinko hyo is a good system to use para sa PSE? Salamat!

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