PSEi (Chart: Daily Resistance: 3050-3090 Support: 2980/2950)
The resistance line proved to be very strong as the bulls tried to push the index beyond the resistance line for the 4th and 5th time, but was still unsuccessful. Expect that by this week, the index would just move down to sideways and will probably be stopped once again by the resistance line. I’m still hoping for a double bottom scenario at around 2980-2950 level, but its still a wait and see. However, it’s more likely that if support holds, the index will just move sideways for the mean time, until all jitters are over and investors has regained confidence to get back in the market. As of now it would still be best just to stay on the sidelines for the moment and observe.
MBT (Chart: Daily Resistance: 41.50/46 Support: 38/32)MBT is one good stock to observe and possibly buy if the market does turn around. Currently the stock is moving sideways. Its downward target price of 32 for the H&S formation is still not achieved. Current price at 39.50 is a possible support, if it breaks down; next support is around 38 which is a support line from a small downward channel formed since the middle of Feb. Watch out for possible bullish divergence if incase price still moves lower.
No comments:
Post a Comment