StockWatch (Jul 11-15, 2011): PSEi, PCOR

PSEi (Chart: Daily Resistance: 4460/4520 Support: 4340/4410)

The index had a bullish follow through this week confirming the bullish actions the other week. Aside from the significant follow through, the index was also able to break above the previous high for last year and create a new all time high for the index.

However, the bears are still able to throw their weight on the index considering the large downward spread created on Wed and Thurs last week. Also the current bullishness is still not that widespread to most of the stocks.

This might be the start of the bullish phase of the index coming from a recent sideways movement, but with the still considerable influence of the bears, we’re probably in for an upward crawl or a ranging upward movement for the market.

One could get in the market now and pick stocks to position themselves during the dips. Do observe the support line, you can hold on to your positions as long as the index is creating higher lows

PCOR (Chart: Daily Resistance: 17.20/17.30 Support: 14.94/13.40)

PCOR has been exhibiting bullishness for the past two weeks. On both instances a white candle with large spread was created and was accompanied by large volume as well.

There is a horizontal channel formation with resistance near 17.20. Also with the past 2 weeks, a flag/pennant formation can be seen. The second flag formation is still ongoing, but if this pushes through to breakout, it can reach as high as 18.00.

What would be interesting to observe is that if the second flag formation is realized, the formation would create a large spread for the white candle and if accompanied with large volume, the pole part of the flag formation would also break the current resistance line for the horizontal channel giving the possibility for the stock to reach as high as 21.00, which is the target price for the horizontal channel. It’s like 2 birds hit with one pole. Otherwise, if the second flag formation does not materialize, then it’s just an ordinary ranging action between 13.40 to 17.20.

If you can buy at last week’s closing price of 16.24, there is still money to be made (around 4%) before the price reaches the resistance line, but again that price is very near the resistance line and the stock is very much overbought, so there is a higher possibility for sell down to happen anytime.

For the risk averse, I would suggest buying only when the stock breaks out of the channel. If the resistance proves to be strong, this means we might see continued ranging movement of the stock within the channel.

StockWatch (Jan 10-14, 2011): PSEi, PCOR, LR, CYBR

PSEi (Chart: Daily Resistance: 4246/4260 Support: 4180/4090)

As expected the index went sideways to downward. It is currently trading in a very narrow channel, between the 65 day MA (4180) and the resistance connecting the previous highs. The last trading day last week saw a black candle accompanied with large value turnover and because of this, I believe that it won’t be long that the 65 day MA would be broken and we would see the index moving downwards towards support at 4090. Do observe if the support holds, if this does hold, then we have an ascending triangle formation for the index which is a good sign.
 

PCOR Weekly

PCOR (Chart: Daily Resistance: 19.98 Support: 17.50/15)

PCOR has been very bullish since November last year and has been accompanied with large volume. However, this bullishness is now capped by an bearish engulfing pattern on Tuesday last week with substantially large volume and has since started the downward movement for the whole week last week. The MACD is about to cross below the signal line, the RSI as well displays some bearish divergence, the stochastics as well is displaying bearish signs. The weekly chart is also displaying bearish signs, the black candle is accompanied by an almost equal amount of volume from the previous week. So for the coming week, do expect the bearish sentiment to continue and break the support line. Next possible support is at 15 which is the previous low and at the same time the 38.2% Fibonacci level from the start of the run up. Usually when a stock comes from an exceedingly high RSI value, the 50 level usually acts as support so do also watchout for that event for a possible short bounce back up to the support-turned-resistance line, your second chance at getting out if you get stuck by next week

LR Weekly Chart


LR (Chart: Daily Resistance: 6.00 Support: 4.25/2.62)

Looking at the weekly chart, LR had a breakout last Friday from a rounding bottom formation. Target price is near 8.00. The stock however is very much overbought so be cautious in trading this stock. Sell on the first sign of weakness or signs of reversal.

CYBR – Weekly Chart

CYBR (Chart: Daily Resistance: 1.05 Support: 0.74/0.64)

CYBR had two significant events last week. Looking at the daily chart, we can see that the recent bullish run saw the stock breaking the very long symmetrical triangle. The target price of the symmetrical triangle is near 1.05 which is now nearly achieved last Friday. The second event is the breaking of a cup and handle formation or a rounding bottom formation seen in the weekly chart, and the target price of this breakout is near 1.50. Do exercise caution in trading this stock as the immediate target price is almost achieved, getting in at this point to capitalize on the breakout of the cup and handle formation is very risky. Wait for the correction before getting in this stock.

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.

StockWatch (June 16-20, 2008): PSEi, PCOR

PSEi Weekly Chart

PSEi (Chart: Daily Resistance: 2900 Support: 2510/ 2300/2034)

In an unexpected turn of events, with the successive oil price hikes, the index buckled from the bearish pressure and plunged 200 points in just 4 days. I initially thought that the index was starting to move sideways and consolidate, but the events last week proved that the market is still bearish territory. The plunge broke a very important trend line, which is the support line from 2003. Breaking this support line is definitely bad news, as it means the hopes of continuing the upward movement became less. As of current, the index has continued trending downward, trading within a small channel. The low of the index last week at 2510 could probably be a support level as it is the support line of the downward channel. If the index still breaks this support, it’s anyone’s guess for the next support level. One probable support is at 2300, which is the Weekly chart’s 260-MA, next one is the next previous low at 2034. A rally is possible this week as the RSI is at its lowest. If you have been range trading, this would be a good chance to get out if you were stuck from the plunge. There is still no reversal pattern in the charts, so the current trend is expected to continue.

PCOR (Chart :Daily Resistance: 6.50 Support: 5.80)

Let’s take a look at PCOR’s activity in the light of the recent successive price increases. Looking at PCOR’s chart, we can see that it is positively reacting to the recent events. Just as when the index moved lower, PCOR moved higher, even creating gaps on the price. As of current, we now have a run-away gap from last trading day’s activity. Another gap up is not impossible as there may still be room for this judging from the upward channel’s resistance line. It is recommended that any gains from the recent gap ups should be protected as it is highly likely that the top of this rally may be formed this coming week because RSI is near overbought. This chart is still consolidating as seen from the intertwining of the 3 MA lines, so trading strategy would be to range trade this stock. Resistance is currently at 6.50 which is a previous high.

In Retrospect : URC, MWC, TEL, PCOR

URC
URC broke the support at 18.50 and went to as low as 18 before closing at 18.25. Recommendation: Observe, price may either move sideways or down.

MWC
Broke out of a falling wedge, but it still needs to break out from the 65 day MA at 9.40. Target price is at 11. Recommendation: Buy, but be on the look out for the resistance at 9.40

TEL
TEL challenged the support at 2610 and went as low as 2570. Price may still go to as low as the next support at 2550. But price may bounce up from support within the week.
Recommendation: Buy near 2550, sell if it goes below support

PCOR
PCOR went to as high as 4.70 with very high volume. If this is a continuation of the break out last Jan 17, then the 4.70 target price has been reached.

StockWatch (Jan 29 – Feb 2, 2007): URC, MWC, TEL, PCOR

URC (Chart: Daily Resistance: 19/19.50 Support: 18.50)

URC could either be a descending triangle or a symmetrical triangle. If it is a symmetrical triangle, it needs to takeout the 3 MA’s before breaking out. Recommendation: Buy near support. If price goes below support, sell

MWC ( Chart: Daily Resistance: 9.00/9.50 Support: 8.80/8.60)

MWC seems to be forming a falling wedge. At current, it is still too early to tell as price may still bounce at 8.80 and may distort the falling wedge formation. Recommendation: Wait and observe, check if support will hold. If support holds and is accompanied by volume of around 10M and above, buy.


TEL ( Chart: Daily Resistance: 2720 Support: 2600/2550)

TEL gapped down with little volume, which might be a good indicator that there are still a lot of traders holding on to the stock. At this point price may still move down or sideways, probably testing support at 2600. What is promising about TEL is that is has now broken its sideways movement and the trading last week has had the price moving above the resistance of 2610 with price going above 2800. This may be a start of an upward channel. Recommendation: The stock is a candidate for range trading. Buy near support and sell at 2800 and beyond. If it goes below 2550, sell.

PCOR ( Chart Daily Resistance: 4.20/4.35 Support: 4.10)

PCOR broke out of a small channel last Jan 17 and was accompanied by 20M volume. I personally thought that the breakout would somehow be able to sustain the momentum and break the resistance that formed since August. But to my dismay, the price went down and went back inside the channel. But analyzing the volume on the downward movement, there was far less volume on the downward move, which is good sign that a lot are still holding on to the stock. Add the increase in volume in the recent trading, which could indicate that there is accumulation going on at 4.10-4.20 level. A break above 4.20 is imminent this week if the volume still picks up. Recommendation: Buy at 4.10-4.20. Sell if price goes below 4.10.

StockWatch (Oct 30-Nov 3, 2006) MERB, PCOR, PLTL, PX

MERB (Chart: Daily Resistance: 33 Support: 30 )

The stock is forming an ascending triangle with resistance at 33 and a possible upside of P5. But currently it is also trading within an upward channel. At this point, the ascending triangle is still in its early formation and the volume is not yet confirming the formation. If the ascending triangle is invalidated, we may just see a continuation of the upward channel with resistance at 34.


PCOR (Chart: Daily Resistance: 4.20 Support: 4.10)

PCOR has already broken out of the symmetrical triangle, the breakout volume was sufficient enough but not convincing, and the 260-day MA is currently blocking the price from going up. PCOR needs a little more push. Hopefully more volume would kick in the following days and that the support would hold.




PLTL

Previously I was expecting this stock to go down anytime, but it looks like traders are bullish with this stock and kept on buying it up to 5.30. As of current, MACD has turned from bad to good. Maybe we could expect more from this stock, but we don’t know up until when this upward trend will last. Better keep an eye on the MACD.



PX( Chart: Daily Resistance: 3.95/4.0 Support: 3.70/3.40)

The small ascending triangle previously noted is still intact. Hopefully the support holds

StockWatch (Oct 23-26, 2006) PSEi, PCOR, FLI, PLTL, PX, AT

PSEi

It is just interesting to note that as of last Friday, the PSEi has already gone past the previous high since last May’s Bull Run. Some stocks are also exhibiting signs of reaching their previous highs last May.

PCOR(Chart: Daily Resistance: 4.10 Support: 3.90)

The symmetrical triangle is still intact. Price is now nearing resistance and currently the 65 day MA is providing support. Again, hopefully the pattern stays intact within the week and the price breaks the resistance. Otherwise if the consolidation is prolonged, the pattern may be invalidated

FLI ( Chart: Daily Resistance: 1.70 Support: 1.60)

FLI is forming a small ascending triangle. Though the possible upside from the pattern is small (just 0.10), it may be an indication that it might be able to reach the previous high of 1.90 last May

PLTL (Chart: Daily Resistance: 5.00 Support: 4.80)

PLTL’s previous rising wedge pattern has been invalidated by the new highs last Monday and Tuesday. From a rising wedge, it has now transformed into an upward channel. But, even if it has changed pattern, the MACD is still in a bearish stance and the higher highs generated by the previous trading days has created a confirmation of the divergence of price from the RSI and MACD

PX( Chart: Daily Resistance: 3.95/4.0 Support: 3.40)

PX seems to be forming a big symmetrical triangle or just an upward channel. From within that big pattern, you can also see a small ascending triangle extending from Sept to Oct with resistance at 3.95. If the small ascending triangle is broken with volume, probably above 15M shares traded, it would have an upside target of 4.75.

AT (Chart: Daily Resistance: 8.50 Support: 8.20)

AT’s falling wedge has been broken in the last 2 days trading of the previous week. The volume on the breakout point is significant, but I think it is lacking. I was looking forward to a volume of above 3M shares traded for the break out point, but it did not materialize. The lacking volume on the breakout point was further confirmed by a low volume on the next trading day. From 2M, volume went down to 200T shares. With this kind of lethargic volume, I am inclined to think that the current price may test the support. Hopefully, if the support is tested and the price succeeds to remain above support and MA line, volume would come in to propel the price to the 9.50 possible target. As of current, I don’t think that would be achieved if the volume does not pickup.

StockWatch (Oct 16-20, 2006) PCOR, PLTL, AT

PCOR (Chart: Daily Resistance: 4.10 Support: 3.90)

PCOR’s symmetrical triangle formation is still intact. If the resistance is broken, we can expect a target price of 5.10, which is also the previous high last May. But since this is a symmetrical triangle, there is also a possibility of break down. Cut loss immediately if 3.90 is broken.

PLTL (Chart: Daily Resistance: 4.90 Support: 4.60)

Looks like PLTL is showing some bearish characteristics and may indicate that the upward trend may be nearing its end. First obvious sign is the rising wedge. A rising wedge is generally a bearish pattern, and if found at an upward trend, indicates the upward trend to be nearing its end. Second sign is the MACD crossing below signal line. Take profit on rally.


AT (Chart: Daily Resistance: 7.90 Support: 7.70/7.60/7.50)

AT is currently re-testing the support line from June 2005. This stock has previously broken that support line but was able to recover during the middle of June 2006. But before the 2005 support line is challenged, it has to challenge a couple of support levels: the 130 day MA and the support line from a big triangle (green), both converging at the 7.70 price level. Im guessing (just a guess) that price may move further down to 7.60, the 2005 support line. What I am hopeful about is the currently forming falling wedge, which if the price breaks out from, may see a potential upward movement to 9.50.

Stock Watch (Oct 9-13, 2006) PCOR

PCOR (Chart: Daily Resistance: 4.16 Support: 3.85)

PCOR is forming a symmetrical triangle. I earlier commented that this stock has a negative outlook as the sell down from Sept 5-14 was accompanied by substantial volume, the MACD was below zero line and signal line. But currently, volume is also substantial in the upward movement and the MACD has crossed above zero line which now implies a positive outlook. The recent increase in trading volume suggests that this stock has caught the attention of some traders. If resistance is broken with volume, a possibility of near 1 peso increase in price.

StockWatch (Sept 11-15, 2006) SMPH, PCOR, PLTL, MBT, ALI

SMPH
Price is still within the ascending triangle. Hopefully the support at 7.70 holds to keep the ascending triangle intact.


PCOR

I earlier said that PCOR is an ascending triangle. On further analysis, I was wrong in assuming that it is an ascending triangle. After this week’s activity, it seems to be forming more as a symmetrical triangle, with support at 3.8 and resistance at 40.50. Considering the volume increase towards the tip of the triangle, I’m now in doubt if this is a valid symmetrical triangle. I am more inclined to consider this as a bearish move that may break the support.

PLTL

PLTL has broken out of the symmetrical triangle, but has yet to meet its target price of 4.75 because it has met a resistance at the 4.35 level. From the 4.35 level it moved back 38.2%. If the price is able to hold at the 4.10 level, we may still see a further upward move to its target price of 4.75. If not, we may see a move towards the 3.8 level the previous resistance which is now a support level



MBT

I was expecting a breakout of price from the ascending triangle formation, but apparently, the break above the 39 level resistance came without a convincing volume. The succeeding days further confirmed the false breakout. It now seems to be further consolidating into an upward channel. The immediate support is at 39 and resistance is at 40.50.

ALI

The recent price movement of ALI seems to confirm the resistance at 14.25. But after further analyzing, there are several patterns that seem to be forming. There are 2 ascending triangle forming. The first is a big ascending triangle with a target at around 17 and the second is a small ascending triangle, with a target at around 16. The third is a sideward channel. But I think the smaller ascending triangle and the horizontal channel are much more valid than the bigger ascending triangle. If the resistance is broken without volume, im expecting a slow push towards the 15 level. If it does reach that level, we may be looking at a big ascending triangle.

StockWatch (Sept 4-8, 2006) PCOR, ALI, GLO, SMPH

PCOR (Chart: Daily ** Resistance: 4.20/4.45 ** Support: 3.8)
PCOR seems to be forming an ascending triangle. The target for the formation is 5.50. Breakout price is at 4.50. The 3 MA’s is currently blocking the price movement, but this might be broken within the week for the price to reach the resistance at 4.45.

ALI (Chart: Daily ** Resistance: 14.25/15 ** Support: 13.50)
ALI is forming an ascending triangle with resistance at 14.25. If the resistance is broken with volume expect a target of 17.75. But before it reaches that target it also has to break the previous high of 15. If the price continues to move up with low volume, we could redraw the resistance at 15 and expect a higher target price. But for now, we just would have to wait.

GLO (Chart: Daily ** Resistance: 1080 ** Support: 980)
GLO is trading in an upward channel. There is also a symmetrical triangle formation but the volume does not confirm the pattern, so its more likely to be an upward channel. I included GLO in the list because I noticed that volume is slowly picking up. There might be something brewing in this stock.

SMPH (Chart : Daily ** Resistance: 8.20 ** Support: 7.70)
SMPH is forming an ascending triangle with resistance at 8.20. Possible upside target of 9.50. But before it reaches the target, resistance might be encountered at th 8.50 and 9 level.

StockWatch(Mar 27 – 31, 2006) PHISIX, PCOR, MBT

PHISIX(Chart:Daily ** Support: 2170-2160**Resistance: 2,215)

Looks like PHISIX will try to correct by this week. We’ve had a unceasing run up for 2 weeks, and a lot of stocks has broken above their resistance lines. We may see the Phisix correct down to 2170-2160 as profit taking may take place next week. It is interesting to note that 2170 was last years high and we have already broken above it. Overall Phisix is still bullish, but a correction is due.



PCOR (Chart:Daily**Support: 4.40 ** Resistance: 4.60)

PCOR was one of the disappointments for last week. I was expecting this to take off but instead it pulled back. But not to despair there is still a future for this stock. I think we have a strong support at 4.40 as this has been the support since late Feb and as indicated by the RSI, which is about to reach the low of the month so I expect strong buying at that level. The level would be good price level to enter if you’re betting on range trading. The upward battle might be hard; we have the 65-day MA blocking the way at 4.60 and MACD is not looking good. If 4.40 do prove to be a strong support once again, the break above the 65-day MA is still a possibility. My bet, 4.40 would hold as support and by near the end of the week it may cross above the 65-day MA.



MBT (Chart:Daily ** Support: 38/36** Resistance: 40/40.50)

Looks like MBT had a very good bull run for 2 months! That was amazing! But the alarm needs to be blown at this point. I see that the stock is now near the previous year’s resistance also during the same time period Feb-Mar. Is this a perfect example of “History repeats itself”? The MACD still looks good, but the RSI is indicating an oversold level. I couldn’t trust the MACD at this point because the previous year’s high also had a good looking MACD, but it started to dip after reaching the high. My bet is that this stock will still try to kick upward in maybe its last attempt to cash in. Then after that we may see a downward move near an immediate support of 36. A couple of disturbing patterns here, we have a rising wedge, which may dictate a price pull down to the 32 level and if it would pull down to that level, looks like were seeing a double top. Both are very bearish indicators. So take caution on this stock.