PSEi (Chart : Daily Resistance: 2507 Support: 2372)
Looks like the much awaited respite from the bearish market is starting to materialize, as we see the index finding support at 2372. The low of 2372 is still not yet confirmed as a valid trough, but as of current the index is respecting the support line formed from Jan 2008. If a trough is formed, then this is a very good sign for the index that it is now starting to stabilize. For the coming week, the index may move sideways in between the range of 2372 to 2507 level. Still there is no sign of reversal and the index is still probably in its early stage of consolidation. If you are to enter the market, keep an eye on your stops if incase the market turns sour and observe possible resistance areas or trading range when a consolidation phase is confirmed.
AC (Chart: Daily Resistance: 285 Support: 248)
AC looks as if forming a double bottom, however this is still not confirmed, not until its neckline at 275 is broken. Currently, resistance may be strong at its neckline at 285 as this was the price level of 2 gap-downs that happened for this stock. For this stock to break that level, and considering that the stock is bearish, it needs a very large volume to propel it beyond that price level. With that, I am more inclined to say that this may not materialize as a double bottom formation. This stock may have to consolidate further before moving higher. For now it is a welcome relief for this stock to be able to move sideways rather than down
1 comment:
I hope for some better results from it in near future.
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