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 (Mar 15-19, 2010): PSEi, ORE, BEL

PSEi (Chart: Daily Resistance: 3133 Support: 3017/2966/2787/2634)

The previous high at 3133 is still a stumbling block for the index to move further upward, with trading last week stopping just a few points short of reaching the previous high. Last trading day saw a large black candle so expect a possible continuation of the downward movement by this week. Succeeding levels of support are 3017 (65 day MA), 2966 (130 day MA), 2787 (previous low) and 2634 (260 day MA).

Watch out for another possible double top formation. Neckline of the possible double top is at 2787, the previous low. If this is broken, then we have a situation of the index moving towards 2500.

ORE (Chart: Daily Resistance: 2.02 Support: 1.60)

ORE might be one of those stocks that would defy general market sentiment. Even with the index poised to move further downward, ORE seems to be re-gaining its momentum for an upward movement, as evidenced with the large volume last Thursday. Also, with the RSI coming from the high of 87, the mid level of 50 usually acts as a support. If the stock does move upward this week, watch out for RSI 70 as resistance. Again, coming from a high RSI of 87, usually RSI would just move in between 50 to 70 level before moving further downward. Watch out also for a possible double top formation.

BEL (Chart: Daily Resistance: 1.88 Support: 1.64)

BEL had a large white candle spread last Friday, accompanied with larger than average volume. There is a possibility for the stock to still move further upward, probably up to 1.88, which is the previous high.

StockWatch (Mar 15-19, 2010): PSEi, ORE, BEL

StockWatch (Mar 08-12, 2010): PSEi, ISM

PSEi (Chart: Daily Resistance: 3133 Support: 3016/2954)

The index was amazingly able to move beyond the 65 day MA, but seems to be having problems breaking the previous high at 3133. Based on the Stochastic Momentum Index, we might be heading downwards to sideways for next week. Next levels of support are 3016 (65 day MA), and 2954 (130 day MA).

ISM (Chart: Daily Resistance: 0.6 Support 0.5)

ISM seems to be moving positively despite the possible weakening of the index. The last trading day for ISM saw a large spike in volume and a white candle. The MACD seems to be confirming a positive movement for this stock, we just don’t have an idea up to where this will take the price. Upcoming resistance is at 0.6 which is the 65 day MA, while previous high is at 0.0775.

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.