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.
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