In Retrospect : MWC, MB, IMP

MWC

MWC continued to trade at support level of 8.90. The 65 day MA and the 130 day MA are starting to converge. There may be a possibility of the stock to move up this week, but the MA’s might prevent the price to move above 9.30. Still avoid this stock, any upward movement may just be a short bounce. If the upward movement breaks resistance at 9.50, this maybe a good sign that the impending descending triangle is invalidated.

MB

Still waiting for passengers to board the long haul flight.

IMP

Symmetrical triangle area pattern for IMP is still intact, but illiquid.

http://tsupita.blogspot.com : Technical Analysis Blogsite by Abby Lim

Here is another blogsite on technical analysis by Abby Ongyanco-Lim "Studying Technical Analysis on Philippine Stock Exchange" (http://tsupita.blogspot.com/).


Congratulations to Abby for her blogsite!



I'd like to encourage all traders who are using TA to start their own blog site on Technical Analysis. By posting your analysis on the web, your are providing another point of view on chart analysis to other traders. At the same time, other traders could also comment, validate or confirm your analysis. This way we could all help each other to further hone our TA skills and ofcourse, earn more! =)

StockWatch (Mar 12-16, 2007): MWC, MB, IMP

MWC(Chart: Daily Resistance: 9.80 Support: 8.90)

MWC is dangerously forming a descending triangle. Recommendation: Avoid for now.

MB (Chart: Weekly Resistance: 1.14/1.24 Support: 1.0)

MB caught my attention because of the divergence between the price movement and the MACD movement. Looks like the bearish sentiment for this stock is slowly being replaced by bullishness. This stock is for those who are comfortable with long haul flight.

IMP (Chart: Daily Resistance: 0.021 Support: 0.019)

IMP seems to be forming a symmetrical triangle. Possible upside of up to 0.029. Recommendation: Buy at 0.019. Sell if it goes below 0.019

In Retrospect : ISM, TUNA

ISM

The stock opened high and closed low on the first day of trading for last week. It reached to a high of 0.075 and a low of 0.065. The succeeding days were followed by a sell off with minimal volume. Based on the previous week’s volume a lot are still holding on to the stock even if the price moved back in the triangle. Probably, most have a low average price on this stock or may be a lot are still hopeful for this stock. Who knows what the reason is, but as of current there is still a high probably of this stock trying to go beyond 0.0675. But before doing that, the price may experience resistance along the way up, as those who have jittery hands might sell on the first sign of strength to stay liquid in the current volatile market. Recommendation: Hold. If price still goes below the 65 day moving average, sell. If the price is unable to go beyond 0.0675 and continues to consolidate within the week, sell. The momentum might fizzle out if it continues to consolidate.


TUNA

I never thought this stock could go below 1.92, but in this volatile situation, any thing is possible. Stock went as low as 1.88 and the MACD dived back and went below zero. So much for my expectation of momentum picking up when MACD crosses above zero line.

StockWatch (Mar 05-09, 2007): ISM, TUNA

ISM (Chart: Daily Resistance: 0.070/0.0775 Support: 0.0675)

This stock may have broken out of an ascending triangle. But I could not confirm if it is a valid ascending triangle as previous volume has been dwarfed by the increase of volume. If this is a valid break out from an ascending triangle, the target price is 0.085. Recommendation: Buy. Watch out if the price pulls back in the triangle.

TUNA (Chart: Daily Resistance: 2.28 /2.36 Support: 2.06/2.04)

TUNA doesn’t have an area pattern, but what could be promising for this stock is the MACD’s recent break above the zero line. Signal for going long. This is a stock to watchout for.



General Analysis:
A lot of stock has started to display short term bearishness in their MACD. For the following days watch out for further consolidation. This would be a chance to spot new area patterns.