PSEi (Chart: Daily Resistance: 3133 Support: 3017/2966/2787/2634)
The previous high at 3133 is still a stumbling block for the index to move further upward, with trading last week stopping just a few points short of reaching the previous high. Last trading day saw a large black candle so expect a possible continuation of the downward movement by this week. Succeeding levels of support are 3017 (65 day MA), 2966 (130 day MA), 2787 (previous low) and 2634 (260 day MA).
Watch out for another possible double top formation. Neckline of the possible double top is at 2787, the previous low. If this is broken, then we have a situation of the index moving towards 2500.
ORE (Chart: Daily Resistance: 2.02 Support: 1.60)ORE might be one of those stocks that would defy general market sentiment. Even with the index poised to move further downward, ORE seems to be re-gaining its momentum for an upward movement, as evidenced with the large volume last Thursday. Also, with the RSI coming from the high of 87, the mid level of 50 usually acts as a support. If the stock does move upward this week, watch out for RSI 70 as resistance. Again, coming from a high RSI of 87, usually RSI would just move in between 50 to 70 level before moving further downward. Watch out also for a possible double top formation.
BEL (Chart: Daily Resistance: 1.88 Support: 1.64)BEL had a large white candle spread last Friday, accompanied with larger than average volume. There is a possibility for the stock to still move further upward, probably up to 1.88, which is the previous high.
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