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.