PSEi (Chart: Daily Resistance: 3600-3700 Support: 3520)
We now have further confirmation of the upward move. The 65 day MA and 61.8% Fib retracement were easily taken out by a gap up with considerable volume. As of current the index is now overbought, expect side to downward movement in the index for the coming days. MACD may test the center line as support, if it is able to stay above the centerline despite the downward move this is another sign of strength for our index. We now have only 2 remaining resistance along the way to establishing a new high: the gap down and previous high formed last July. Let’s get ready to rumble!
PLTL (Chart: Daily Resistance: 7.10/7.30 Support: 6.90)PLTL is displaying the characteristics of an ascending triangle. Two resistance points can be noted, first is at 7.10, second at 7.30. If it breaks out of 7.10, target price is around 8.70, if it breaks out of 7.30 target price is 8.90. A good breakout volume would be above 15M shares traded
ISM (Chart: Daily Resistance: 0.055 Support: 0.046)ISM is a candidate for a flag/pennant formation. Watch out for the pennant/flag for the coming week. Conservative target price of atleast 0.07 based on the current pole.
General note: There are a lot of other stocks exhibiting ascending triangle characteristics (e.g SM, SMPH, SMDC). If the coming week will be a down to sideward move, this might be a good chance to get in those stocks, however do observe your cutloss levels if incase price moves further down.
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