Philippine Stock Market – Update on selected stocks 3/31/2017

Philippine Stock Market

AC – sideways with bullish bias

ALI – price is currently resting on support level at 61.8% Fibonacci Retracement level. Bearish sentiment can be felt as it closed at the low last week. Even if its sitting on support level, don’t rush to buy. Wait for the bullish candlestick formation. Next support is at 31.74 per share while resistance is at 34 per share.

ANI – bullish setups by the Ichimoku elements are still intact while price consolidates at current level.

APL – went down by 10% to close at 0.045 per share. Price is currently at 78.6% Fibonacci Retracement level which is an interesting area. Test buy when you see a bullish candlestick formation.

APL

APL

ARA – could give a spike this week but it may be short-live. Resistance provided by the Kumo could be a big challenge. RSI or Relative Strength Index is at 39.

BDO – Kijun Sen line at 115.45 remains a threat. Price may be pulled near this line.

BEL – looks like it has already hit its PRZ that we saw few weeks ago. Is it going to retrace soon? RSI or Relative Strength Index is at 81.35 which means the stock is already overbought.

BELLE CORPORATION

BELLE CORPORATION

BHI – resistance provided by the Kumo proved to be strong after the bulls tried to get into it. Price went inside the Kumo initially by failed to stay inside. IF we look at the daily chart, BHI was already scheduled for a retrace after it hit its PRZ. Support is at 0.072 per share

BLOOM – sideways with bullish bias. All Ichimoku elements are in bullish setup.

CAL – currently at 127.2% Fibonacci Retracement level with RSI or Relative Strength Index at 28.58 This means the stock is already oversold. Test buy at current level but monitor its movement for possible flop. Next support is at 1.82 per share in case it continues to move down.

CEB – sideways with bearish bias.

COSCO – for many months, the price movement of COSCO has been inside an upward channel but lately it shows weakness and price is about to change course. Will it happen this week or price will still respect the current trend?

CROWN – sideways with bearish bias.

DAVIN – went up by 3.2% last week. Price may continue to move up this week. Resistance is at 6.50 per share and 7.00 per share. Test buy near current price.

DD – consolidation inside the Kumo. The upper and lower bounds of Kumo will be the trading range for DD.

DNL – sideways with bearish bias.

EDC – may try to break the Kumo again. Weak bullish sentiment is still being felt. Test buy at current level or when price breaks the Kumo.

EEI – went up by 5.4% to close at 8.27 per share. Both daily and weekly charts shows bullish signals. Test buy near current level or near 8.00 per share.

GLO – may continue to move up this week with headwinds starts at 2070. As of now 2,250 is still within the reach.

HVN – after the failed break from the Kumo, HVN may try to break again this week. Test buy near current price or wait for the break at 16.96 per share

LIHCChikou Span line is about to move below the price which could trigger a bearish mood. Looks like not a good time to get into this stock unless a large green candlestick will appear that will change the direction of Chikou Span line. There is still a window for a play but don’t stay too long

LR – weak bullish signal is still intact. Price is currently inside the Kumo that is why we experience headwinds.

LTG – sideways with bearish bias. Kijun Sen line at 15.45 could pull the price down while its magnetic property is strong.

MAXS – sideways within the 25.5 and 27.30 per share range

MBT – may continue to move within the 78 and 82 per share range.

MCP – RSI or Relative Strength Index is at 85 so expect selling pressure but price could still continue to move up and touch 8.00 per share.

MPI – currently at support area. With RSI or Relative Strength Index at 30, price is more likely to bounce from this level.

MRC – may continue to move sideways with threat at 0.201 per share is still in there. This is due to Kijun Sen line moving horizontally at this level that could pull the price down towards it.

MRSGI – hovering at support area. Test buy when you see a bullish candlestick formation.

NOW – currently moving within an upward channel with price near the support slope. Test buy near support.

PHEN – continued to drop and registered a bearish signal via Kijun Sen Cross. Next support is at 2.20 per share then 2.12 per share.

PIZZA – Kijun Sen line at 12.85 per share could pull the price down.

PLC – currently at resistance level. Although we don’t see any bearish candlestick formation as of this time, its important to take extra care if you just entered. Price may still continue to go up and hit 1.7 per share but soon sellers will have to take profits.

PNX – no bearish signal as of this time which means price is likely to continue moving up but with RSI at 88, selling pressure will soon be felt. Not good for a fresh entry at this time.

PXPdark cloud cover on daily chart but weekly chart suggest a bullish formation. This means that PXP will abruptly meet a headwind but price will continue to move up. Support is at 3.22 per share.
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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