PHISIX (Chart:Daily ** Support :2510-2515** Resistance: 2550 )
Phisix has had a very profitable bull run. But upon seeing last week’s chart, the Phisix has now started to consolidate inside a symmetrical triangle. The MACD and the 3 MA’s are still looking very good but the RSI is still above the overbought level. I expect that by this week, the Phisix would either consolidate for the week or would break above the symmetrical triangle that has formed. My bet on the Phisix is that it would still consolidate this week and then try to break the symm triangle’s resistance by end of this week or next week. Aside from the symmetrical triangle resistance we also have an immediate resistance of 2600, the highest since last week and a major resistance of 2635, which is the previous high since 1999. If the bulls become successful in breaking the symmetrical triangle’s resistance, we could expect another bull run to the 2600 level and maybe test the resistance of 2630 level before going into consolidation phase once again.
LCB (Chart:Daily ** Support: 0.40-0.41 Resistance: 0.47)
LCB as well as LC are candidates for range trading. At current it has reached the resistance at 0.47. I expect it to start its down movement this week as its RSI has reached the overbought level. If you’re going to range trade this stock, try to catch it near the support of 0.40-0.42. This stock also looks like its either forming an ascending triangle or a rising wedge.
No comments:
Post a Comment