StockWatch (Mar 01-05, 2010): PSEi, ACR, APC, SINO

PSEi (Chart: Daily Resistance: 3133 Support: 3015/2946)

The index moved sideways for last week and for the last 2 trading days it seems that the index gained strength to move beyond the 65 day MA. But looking at the value turnover, the value turnover for the last 2 trading days were just average, so I still have reservations of calling the last 2 trading days as absolutely strong rally. Although there are some stocks that does exhibit a strong rally, but this is not the case in general. So expect the index to move sideways for the coming days. There is a possibility for the index to move further upward, but as of current I don’t see the index moving beyond the previous high of 3133.

ACR (Chart: Daily Resistance: 1.30 Support: 1.00/0.92/0.82)

ACR seems to have broken out of a falling wedge, which is a bullish indication. Target price for the stock is 1.25, but may have the possibility of moving beyond that level.

APC-Weekly

APC(Chart:Daily Resistance: 0.65/0.75 Support: 0.32)

APC for the last 2 trading days consecutively broke out of 3 area patterns with large volume: The first being the downward channel from Oct 2009 with the target already reached; Second is the sideways channel from Jun 2009 with a target price of 0.65; Last is the cup and handle formation as seen in the Weekly chart, with a target price of around 0.75. The stock is now very much over bought so expect a possible pull back of price by next week.

SINO (Chart: Daily Resistance: 0.35 Support: 0.26)

SINO also broke out of a downward channel from Sept 2009, with a target price of 0.35. Similar to APC, SINO seems to be forming a possible cup and handle formation, but unlike APC, it still has to break out of that area pattern, so upside potential of this stock is high.