StockWatch (Sep 28-Oct 02, 2009): PSEi

PSEi (Chart: Daily Resistance: 2910 Support: 2767/2691)

The index is still not in a good condition. There was no follow through on the upward move last Wed, and it seems that the resistance line is holding. Not until after the index is able to move above the resistance line that we could say that that index is in a good position.

For the coming week, watch out for the support line at 2767. I’m not sure how the recent flooding would affect the market, but I could definitely guess that it would not be a good start for the market. Also watch out if the index moves below the 65 day MA at around 2691.

StockWatch (Sep 21-25, 2009): PSEi

PSEi Weekly Chart

PSEi (Chart : Daily Resistance: 2870/2910 Support: 2767 )

Looks like we now have a breakdown from the support line from March 2009 and further bad news is that it is accompanied with a relatively large volume. From the weekly chart above the breakdown with large volume is very evident.

Going back to the daily chart, there has been a rebound from the support last Friday and it is possible that next week we will see the index move up. However, it is not recommended to buy any stocks for awhile, use next week’s return move towards resistance levels as a chance to get out of the market for a while.

StockWatch (Sep 14-18, 2009): PSEi, SPH

PSEi Weekly Chart

PSEi (Chart: Daily Resistance: 2906 Support: 2840)

Index still hasn’t broken out of the ascending triangle. Although technically this is still a valid ascending triangle, I am not anymore expecting that this would breakout. Index would most likely move sideways still for next week. But looking at the weekly chart, it seems that index is overbought so it is likely that index will move lower in the near future. I would recommend caution in buying and keep watch of the support line. Index is still respecting the support line as of current, but anytime it moves lower with large volume, that would be a signal to sell.

SPH (Chart: Daily Resistance: 4.05 Support: 3.60)

SPH quietly brokeout from an upward channel which is completely unexpected as volume was not that significant in the past. Target price for this stock is near 4.50. Resistance at 4.05 which is the previous gap created last Oct 2008.

StockWatch (Sep 08-11, 2009): PSEi, MIC

PSEi (Chart: Daily Resistance: 2895 Support: 2774)

The index continued to move downward and no break-out from the ascending triangle happened. Even though the index moved lower, it is somehow respecting the support line formed from March 2009 preventing it from moving downward any further.

The ascending triangle I think has this week as its last chance to break-out. If nothing still happens, then we would have to redraw again.


MIC (Chart: Daily Resistance: 4.70 Support: 3.90)

MIC had a breakout from an upward channel. Target price is at 5.30. This is definitely a buy, but be on the look out for a return move toward 3.90.