StockWatch (Oct 11-15, 2010): PSEi, GMA7, APC

PSEi – Weekly chart

PSEi (Chart: Daily Resistance: 4350 Support: 4222)

The index has been continuously moving upward with intermittent short downward movement. It looks as if this kind of action in the market may continue for 2weeks to another month before a major correction happens. The daily chart is showing negative divergence between the RSI and the index which could signal an upcoming downward movement. Looking at the weekly chart, the RSI shows an overbought level that supports the possibility of an upcoming correction. For the coming week, you could either stop accumulating for the mean time or start disposing a portion of your portfolio and buy back after the upcoming correction.

Note: A lot of stocks have reached or about to reach their previous high which means strong resistance is being encountered or will be encountered thus a possibility of sideways to downward movement.

GMA7 (Chart: Daily Resistance: 8.80 Support: 7.25)

GMA7 had a breakout from a downward channel with trading last Friday creating a gap and a tall white candle accompanied with large volume. It looks like this upward movement is a bounce from support near RSI of 50 coming from the RSI high. The MACD is also looking good with a possibility of a cross above the signal line. The only problem with this stock is that resistance is near at 8.80 (previous high).

APC (Chart: Daily Resistance: 0.95 /1.28 Support: 0.84)

APC also had a breakout from a sideways channel accompanied with a large volume and a gap. Target price is near 0.95. The MACD is also about to cross above the signal line, so there may be more to this stock beyond the target price.

StockWatch (Mar 01-05, 2010): PSEi, ACR, APC, SINO

PSEi (Chart: Daily Resistance: 3133 Support: 3015/2946)

The index moved sideways for last week and for the last 2 trading days it seems that the index gained strength to move beyond the 65 day MA. But looking at the value turnover, the value turnover for the last 2 trading days were just average, so I still have reservations of calling the last 2 trading days as absolutely strong rally. Although there are some stocks that does exhibit a strong rally, but this is not the case in general. So expect the index to move sideways for the coming days. There is a possibility for the index to move further upward, but as of current I don’t see the index moving beyond the previous high of 3133.

ACR (Chart: Daily Resistance: 1.30 Support: 1.00/0.92/0.82)

ACR seems to have broken out of a falling wedge, which is a bullish indication. Target price for the stock is 1.25, but may have the possibility of moving beyond that level.

APC-Weekly

APC(Chart:Daily Resistance: 0.65/0.75 Support: 0.32)

APC for the last 2 trading days consecutively broke out of 3 area patterns with large volume: The first being the downward channel from Oct 2009 with the target already reached; Second is the sideways channel from Jun 2009 with a target price of 0.65; Last is the cup and handle formation as seen in the Weekly chart, with a target price of around 0.75. The stock is now very much over bought so expect a possible pull back of price by next week.

SINO (Chart: Daily Resistance: 0.35 Support: 0.26)

SINO also broke out of a downward channel from Sept 2009, with a target price of 0.35. Similar to APC, SINO seems to be forming a possible cup and handle formation, but unlike APC, it still has to break out of that area pattern, so upside potential of this stock is high.

In Retrospect: APXB, APC

APXB

This stock has started retracing its upward move last 2 trading days. Currently at 6.60, price can still move to as low as 6.30 before continuing the move up. The target price is still not reached.

APC

Momentum was strong in this stock that it did not retrace its movement. It continued to as high as 0.97. Target price of 1.10 is still not reached. But with the current high, it has formed the right hand part of another possible rounding bottom with a target price of 1.80. Currently, price may correct this week to as low as 0.81.

StockWatch (May 14-18): APXB, APC

APXB ( Chart: Daily Resistance: 6.90/7.70 Support: 6.30/5.80)

APXB broke out from the symmetrical triangle on the first trading day and proceeded to move to as high as 6.90. Target price for the formation is 8.30. There is a possibility of a return move down to 6.30. That level would be a good price to get in. Cutloss at 5.80.

APC (Chart: Daily Resistance: 0.78 Support: 0.64)

APC broke out of a rounding bottom formation. Target price is 1.10 Watch out for return move to 0.65 -0.70 to get in.

In Retrospect : ASIA, COL, APC, UPM

ASIA

ASIA went up for another day before the sell down. The possibility of a flag or pennant formation fizzled out .

COL

COL seem to have successfully broken the pennant formation and has reached the target price at 7.5.

APC

APC retested support and seems to be on a sideward movement for the moment. Might have established support at 0.41. If price moves below 0.41, sell.

UPM

The possible symmetrical triangle was invalidated as price went to as low as 0.68. Price formation transformed to either a downward channel or a slender symmetrical triangle.

StockWatch (Feb 19-23): ASIA, COL, APC, UPM

ASIA (Chart: Daily Resistance: 13 Support: 10.25)

ASIA maybe forming a flag or a pennant. The pole is already formed; we just have to wait for the flag or pennant. Recommendation: Wait for 3 days to see if a flag or pennant forms

COL (Chart: Daily Resistance:6.2 Support: 5.6 )

COL may be forming a flag or pennant also. The pole has been formed and we just have to wait for the formation of the flag or pennant. Recommendation: Wait for 3 days to see if a flag or pennant is formed

APC (Chart: Daily Resistance: 0.47 Support: 0.40)

APC seem to have broken from a symmetrical triangle in the last minute. A possible upside of 0.58. Recommendation: Buy near support. Price may re-test support before moving upwards again.

UPM (Chart: Daily Resistance: 0.80 Support: 0.72)

UPM still has its symmetrical triangle intact. Possible upside of P1.00. Recommendation: Wait for the break out. At this point the price should bounce up. If not, this means a prolonged symmetrical triangle. This is also a candidate for range trading. Buy at support, sell at resistance. If price move further down, sell at 0.70