PSEi (Chart: Daily Resistance: 3367 Support: 3244)
The index once again went head on with the standing resistance line from June 2008. Unfortunately, the bears are still standing their ground and have again succeeded to prevent the index from moving beyond the resistance line.
The last trading day saw the creation of a white candle that gave a respite from the week long bearish sentiment. For the coming week, if a white candle is also formed with large value turn over for the index, then probably we may see a sideways movement of the index. Otherwise, if the follow through is not realized by the first trading day this week, we may see the index move lower towards the support at 3244 which is the 65 day MA.
NRCP (Chart: Daily Resistance: 1.98 Support: 1.79/1.67)NRCP went beyond the target price of 1.75 and reached a high of 1.98. For the coming week expect the stock to drop further. Observe the 38.2% Fibonacci retracement as this might provide support to the stock for another upward movement. RSI is very much overbought, expect a possible short bounce when RSI reaches 50 to 60 level.
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