StockWatch (Mar 8)

PHISIX (Chart:Daily Support: 2080/2060 Resistance: 2120/2150)

Last week in my analysis, I placed my bet that the index would be trapped inside the 2 moving averages. To everyone’s surprise the index broke out of the 65day MA in spite of the political turmoil that happened. But this week, the index has started to decline, the previous week’s gain has now been lost and it’s just the middle of the week. If the current support level would not hold, we may see the index touch the 2050 level again. As of current, a pattern is starting to emerge; it looks like the previous upward trend is now starting to move sideways, probably consolidating. Couple of observations though, first is that the MACD is in the position to cross downwards, second you might have noticed a divergence occurring: index is still moving upwards, but RSI is moving downwards. Could these be signs of a weakening index? Scenario of index being trapped inside 2 MA’s is still a possibility or would the bulls push the index up by tomorrow. Lets observe this by next week.

GLO(Chart:Daily Support: 800 Resistance: 840 )

Amazingly, this stock was able to reach the pennant’s target price. But the upward movement was blocked by the 161.8% fibonacci. Now well wait and see if the 61% fibonacci would hold as support. Interesting to note that the MACD has already crossed below the line, we may see a horizontal movement if not a downward price movement.

PAX(Chart: Daily Support: 8.0 Resistance: 8.4)

This stock has already broken out of an ascending triangle, now were on a wait and see if it would reach the target price of 9.0. If you would look closely a flag has also been formed, but its target price would be overshadowed by the ascending triangle’s target price.