StockWatch (Oct 15-19, 2007): MIC, PLTL, MPI, WEB

MIC (Chart: Daily Resistance: 9.20/ 10.00/ 11.50 Support: 7.80/6.50)

MIC gapped up with volume on the first trading day. Target price of P13.00 is not yet reached. Price is currently near 8.10. MIC has currently developed into a flag/pennant formation with a target price of 11.50. Support is currently at 7.80, resistance at 9.20 and 10.00.

PLTL (Chart: Daily Resistance: 8.10 Support: 7.60)

PLTL also gapped up with volume on the first trading day. Currently it is consolidating inside a small ascending triangle with a target price of around 8.60. The target price of P9.00 for the ascending triangle where it broke out from (at 7.30) is still not achieved. Getting in at this point is a little bit risky as price is in its halfway point.

MPI(Chart: Daily Resistance: 5.30/5.50/5.80 Support: 4.60/4.20)

Large volume for MPI for the last 2 trading days. This is a candidate for a flag/pennant formation.

WEB (Chart: Daily Resistance: 0.060 Support: 0.055)

WEB is currently in a symmetrical triangle. For the short term, it is consolidating inside an ascending triangle with resistance at 0.060. If it breaks out of the ascending triangle, target price is at 0.075. A breakout from the symmetrical triangle would have a conservative target price of 0.085.

In Retrospect: PAX, TUNA

PAX

PAX moved further down to 10.25 confirming the breakdown from the symmetrical triangle. As of current target price of P9.00 is not yet achieved. The move down has created a downward channel. The bullish divergence is still intact as of the moment, but price may still move further down dragging the RSI and MACD

TUNA

The price for TUNA is currently trapped in between the 65 and 130 day MA. There is still a possibility for a flag/pennant breakout for TUNA with a target price of around 2.25
Support is at 2.00

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StockWatch (Oct 8-12, 2007): PSEi, PAX, TUNA, MIC

PSEi (Chart: Daily Resistance: 3820 Support: 3600)

..and the Bulls are back! Of the 2 resistance I pointed out last week, we have successfully surpassed one of it, which is the gap down last July and with good increasing volume! As of current we are just a few points away from creating a new high. If the previous high is taken out, that would be the official opening of the bull season, so get ready to ride the bull! Thing to watch out though is the RSI, which is now overbought. Any downward move is welcome as long as the index does not go below 3600.

PAX(Chart: Daily Resistance: 13.50 Support: 11.25)

We have a mixed pattern for PAX. A symmetrical triangle and a falling wedge. The symmetrical triangle broke down with a target price of 9.00. However the breakdown has formed a lower low creating a falling wedge with a target price of 16.50. At this point either of the 2 patterns is a possibility. If by next week price moves above 12.25, the falling wedge is confirmed, otherwise if price moves below 11.25 the symmetrical triangle is confirmed. As of the moment, the chart is exhibiting a bullish divergence with price forming a lower low and MACD and RSI forming a higher low. However, again, this is still not confirmed, if price moves lower, MACD and RSI may follow invalidating the current divergence we are seeing.

TUNA(Chart: Daily Resistance: 2.10/2.60 Support: 1.86)

TUNA brokeout from a small symmetrical triangle and target price was immediately achieveh. However, this can still be a candidate for a flag/pennant formation. We now have the flagpole formation. It is possible that further extension to the pole may form next week.

MIC (Chart: Daily Resistance: 8.10/9.20/11.50 Support: 6.10)

MIC brokeout from a symmetrical triangle. Target price is at 13.00. Upcoming resistance at 8.10 which is the 61.8% Fib retracement and 9.20, the previous high.


General Analysis: A lot of issues already brokeout from a triangle formation or a breakout from a trend with sufficient volume.. Watch out for the following. PA, MBT, PLTL, FDC, WEB

In Retrospect: PLTL, ISM

PLTL

PLTL broke resistance at 7.10 but without volume. However it was able to sustain its upward move toward 7.30 and eventually also broke out from 7.30 with considerable volume. The last 3 trading days were characterized by above average volume. RSI is now oversold and there is a possibility that 7.30 support (previously resistance) will be re-tested.

ISM

I’m unsure of how ISM will fair in terms of the flag/pennant formation. Usually in the local market flag/pennant formation has a duration of 3 days for it to form. For ISM it has already taken 5 days for the formation and still no breakout. Watch out for support at 0.042, price going below that would be a signal to sell.