Care For COAT This Summer?

Chemrez Technologies. I've been closely watching this stock lately. It has been forming a bullish descending wedge pattern with breakout point around P3.00 - P3.05. Notice the volume during this descent. Sign of increased activity? On the otherhand, MACD has been sloping upwards which is a bullish sign. Looks like signals for a buy - upon breakout of course.

Today's Top Gainer: NRCP

NRCP today managed to post a gain of 18.75% due to a surge in demand for this stock. Chart shows that its close at P2.85 is still within its descending wedge pattern, a bullish signal. MACD line has crossed. Due to its strong closing, we might see this bullishness continue tomorrow. Buy upon breakout above P2.85.

SMIC

SM Investments Corp. Today's price action shows SM hitting an intraday low of P250. It is now sitting at a critical support as shown by the line connecting the previous years' highs. However, what now stand along its way is its head and shoulder reversal pattern which was formed recently. Should this critical support is broken, we might see this stock heading to an all time low. Target price around P200 level.

Can't Tell for ETEL

Etelecare. Just like PSPT, ETEL is another BPO company whose major operation is located in the Philippines. My review of its chart shows that it has broken down from its descending triangle formation last Feb. 22. when it reached a low of $7. It currently trades around $6.37. Support is virtually unknown. However, looking at the chart, I see this heading down to a target price of around $3. This would have been a good shorting candidate. For those looking to go long on this issue, I say avoid this for now.

Will Support Hold for PeopleSupport?

Exactly a year since PSPT had a major gap down in its stock price, today's action shows PSPT gaping down again. From it's previous day's close of $11.40, it opened today at $8.11, further dropping to a low of $6.77 before closing at $8.20. A close look at the chart though shows that today's closing sits along PSPT's support line. However, that having been pierced during the day with huge volume, the support line is now in suspect and could turn out to be the new resistance, a role reversal. Given that PSPT is considered as one of the leading BPO companies operating in the Philippines, will other BPO stocks like ETEL, PAX, or even IP be affected by this recent price action?

By the way, its stock price now is less than 50% of what IP was offering just a couple of month's ago. I wonder how shareholders are feeling about this.

Leisure Resorts

Will this be a great summer courtesy of Leisure Resorts? This is one stock I'm watching right now. It has been on a downtrend since April of last year and just about this year, it seems like it's starting to make a reversal. From the chart, I see an inverted head & shoulder pattern in the making. Breakout point is at its neckline around the P2.90 level. Today's close of P2.60 is above its 65 day MA and slightly below its 130 day MA. MACD above zero. I see resistance though at the P2.70 level. Good entry point would be upon breakout at P2.90 - P2.95 level. Is the long wait over for LR?