StockWatch (Sep 01-04, 2009): PSEi, SCC

PSEi (Chart: Daily Resistance: 2895 Support: 2777)

The index did not progress downward any further last week. It instead climbed up despite the large turnover on the downward move 2 weeks before. Support was respected also last week when the upward move occurred on Monday. Currently the index still being blocked by the resistance line from the previous high of 2894 and there seems to be a lot of indecisiveness as trading last Friday was accompanied with large turnover.

From the looks of it, the index seems to be forming an ascending triangle. It is currently near the apex, so if by next week breakout does not happen, then we would have to redraw our resistance and support lines.

SCC (Chart: Daily Resistance: 43 Support: 40 )

While a lot of stocks have created long white candles in their charts, SCC seems to be either a laggard or just a very inactive stock compared to those stocks. However, looking at the chart, this stock seems to be forming a large ascending triangle with resistance at 43. So there is a possibility that this stock’s day hasn’t come yet, but this we will be able to find out within this week as the formation is already near the apex and is due for either a breakout or a fizz-out. If this does not breakout for this week, then the lines would have to be redrawn. Resistance is at 43, while target price is at 65 if resistance is broken.

StockWatch (Aug 24-28, 2009): PSEi

PSEi (Chart: Daily Resistance: 2894 Support: 2693/2352)

The index continued to move downward to sideways. The last trading day was accompanied with large value turnover, but the action was downwards. So expect that by next week, selling may still continue. Looking as well with the RSI, which now is in the 50 level, upward movement may happen anytime soon. Probably towards the end of next week, we’ll see some upward movement.

StockWatch (Aug 17-21, 2009): PSEi, CMT, GMA7

PSEi (Chart: Daily Resistance: 2894/3051 Support: 2780/2626)

The index is currently moving in a tight ranging movement from 2780 to 2894. Previous resistance at 2780 is providing support; this is also the previous high of Sept 2008. It is possible that the index may further move sideways for next week. As of current, index is still overbought; keep watch of the RSI nearing the 50 level as this may provide support and index may continue to move upwards from there.

CMT (Chart :Daily Resistance: 1.06/1.45 Support: 1.02/0.98/0.76)

With all other stocks that have been zooming past the RSI of 70, CMT is one of the laggards in the race. It seems that this stock has just recently had a breakout from a symmetrical triangle. Target price is near 1.45, which is also a resistance area.

GMA7 (Chart :Daily Resistance: 8.00 Support: 6.80/5.90)

GMA7 had a very large spread last Thursday, which was accompanied with large volume as well. It is possible that this stock may be forming a flag or pennant formation with the pole which formed last Thursday. Keep an eye on this stock. Possible target price of around 9.00.

StockWatch (Aug 10-14, 2009): PSEi

PSEi (Chart: Daily Resistance: 2894 Support: 2686, 2626, 2352)

The index is now on its way down temporarily. Support levels are the following, 2686 (the 38.2% fib retracement), 2626 (previous high), and 2352 (previous low).

Since the index has been moving bullishly lately, expect a slowing of the downward movement, or support when the RSI gets near the 50 RSI level. For now, sell to preserve your profits.