PSEi (Chart: Daily Resistance: 3362/3376 Support: 3224)
The index gapped up on the second day of trading. However, there was no follow through on the succeeding days.
For the coming week, again observe the movement towards the long standing resistance from June 2008 near 3362/3376. It is possible that once the index reaches that level it would once again move downwards.
AJO Weekly Chart
AJO (Chart: Daily Resistance: 0.045 Support: 0.034)AJO brokeout from a downward channel with a target price of around 0.041. The current price is already near the target, but based from the weekly chart, there may be some future for this stock. The weekly volume was relatively large, giving credence to the recent upward movements. In addition the RSI still has room to move upward.
Looking at the larger picture, the recent upward movement may be the second leg of a possible double bottom formation with the first leg formed around Dec of 2008. The neck line of the double bottom is at 0.0725, so from the currently price level, there is still a long way for the stock to go.
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