PSEi (Chart: Daily Resistance: 3411 Support: 3242)
The PSE index, had a good run up, but was unable to sustain its upward move after reaching the 130 day MA. As of last Friday, the US market was still down, so expect further selling by Monday. Hopefully the previous low would be a strong support for our index, otherwise, we may see further move towards 3200 level.
AC (Chart: Daily Resistance: 470/477 Support: 460/457/450)AC is in my watch list because it is now just above the 260day MA and also approaching price level at 457 which is the long term support line(see 5yr chart below) – or previous resistance line - from 2002. It’s a wait and see this week if those support levels will be able to withstand further downward market movement. If those support levels prove to be strong, it would be a good price level to buy at those levels. This stock is currently good for range trading since there is still no clear reversal from the downward move. Buy at the support level, and then sell at 510-520. If both the 260day MA and the long term support line are not able to contain further downward move, price may reach 450-430 level and possibly cause the 65day MA cross below the 130day MA.
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