Search Google

Custom Search

Sunday, September 10, 2006

StockWatch (Sept 11-15, 2006) SMPH, PCOR, PLTL, MBT, ALI



SMPH
Price is still within the ascending triangle. Hopefully the support at 7.70 holds to keep the ascending triangle intact.



PCOR

I earlier said that PCOR is an ascending triangle. On further analysis, I was wrong in assuming that it is an ascending triangle. After this week’s activity, it seems to be forming more as a symmetrical triangle, with support at 3.8 and resistance at 40.50. Considering the volume increase towards the tip of the triangle, I’m now in doubt if this is a valid symmetrical triangle. I am more inclined to consider this as a bearish move that may break the support.


PLTL

PLTL has broken out of the symmetrical triangle, but has yet to meet its target price of 4.75 because it has met a resistance at the 4.35 level. From the 4.35 level it moved back 38.2%. If the price is able to hold at the 4.10 level, we may still see a further upward move to its target price of 4.75. If not, we may see a move towards the 3.8 level the previous resistance which is now a support level



MBT

I was expecting a breakout of price from the ascending triangle formation, but apparently, the break above the 39 level resistance came without a convincing volume. The succeeding days further confirmed the false breakout. It now seems to be further consolidating into an upward channel. The immediate support is at 39 and resistance is at 40.50.


ALI

The recent price movement of ALI seems to confirm the resistance at 14.25. But after further analyzing, there are several patterns that seem to be forming. There are 2 ascending triangle forming. The first is a big ascending triangle with a target at around 17 and the second is a small ascending triangle, with a target at around 16. The third is a sideward channel. But I think the smaller ascending triangle and the horizontal channel are much more valid than the bigger ascending triangle. If the resistance is broken without volume, im expecting a slow push towards the 15 level. If it does reach that level, we may be looking at a big ascending triangle.

No comments: