StockWatch (Mar 22-26, 2010): PSEi, PCOR, MPI, LR

PSEi (Chart: Daily Resistance: 3133 Support: 3021/2977/2787)

For the past weeks, the index is able to move higher everytime a dip occurs, this time around, we are still waiting for this to happen, but it seems that the resistance at 3133 level is a strong resistance, so this might not happen yet immediately. For the coming week expect the index to move sideways. Watch out for the downward movement of the index, the double top scenario is still a possibility

PCOR (Chart: Daily Resistance: 6.20/6.50 Support: 5.50/5.00)

PCOR had a large volume and large spread last Thursday. This seems to have broken out of the sideways channel resistance at 5.90. The dip the next day seems to be a return move, but the volume was low. Upward target price for this is around 6.80, but a possible resistance at 6.50 may be encountered, as this level is the long standing support-turned-resistance level connecting the trough from 2005 to 2008.

MPI (Chart: Daily Resistance: 3.15/3.80 Support: 2.80)

MPI seems to be promising as the stock seems to be in the doorstep of breaking out of a possible rounding bottom, or double bottom formation, either way, both have a target price of 4.10. But before reaching that level, there is a resistance at 3.80 which is the previous high

LR (Chart: Daily Resistance: 1.90 Support: 1.68)

LR seems to also be on the doorstep of a breakout from a pennant formation, with target price at 2.05. The level at 1.90 is possibly a strong resistance as this is the recent high.