Coming Soon

Wow, it's been more than a year. Had some good runs lately....it's time to activate this blog again.

DFNN

For much of 2008, this stock had been on a downtrend. Not until recently, it began showing signs of reversal when it broke above its trendline when it closed at P5.10 last Apr. 17. It continued it surge before consolidating in a pennant formation.

I believe it did broke out yesterday when it closed at P8.10 and today's closing at P8.30 affirms that it indeed broke out as it was coupled with volume. I'm looking at a target above P10. I see however weak resistance on its way to that target. Just look at those volume...they we're thin.

JG's Summit?

Despite a generally down market, JGS seems to defy gravity. A quick look at its chart shows that it's forming a cup and handle formation with a breakout point at P2.90. However, with the Phisix breaking down from its consolidation pattern today, we could just watch and observe how this stock will behave tomorrow.

Tuna Breakout?

After 2 months of waiting, it looks like Tuna just broke out of consolidation. It has been forming an ascending triangle formation since the middle of last year and failed to break the resistance at P1.62. Today's closing at P1.80 with decent volume just broke that line. On top of this, it likewise broke out of it's long term downtrend line. It is now trading above all moving averages; MACD pointing upwards and is now above the zero line. Looks like bullish to me. Initial target price...at P2.10. Hopefully, it swims further.

TUNA Watch

TUNA has been consolidating in an ascending triangle pattern since mid September. It's been trying to break the resistance at P1.42 a number of times already. Yesterday it tried to break out but closed at the resistance line. Today, it managed to close at P1.44 to break out from that resistance line. I'm concerned, however, in the lack of volume.

But what's worth noting is that it's now currently trading above the 50 & 100 day moving averages. MACD likewise have gone slightly above the zero line. Tomorrow could be a make or break for this stock as it tries to break out of that triangle. Watch out for that volume.

Mega No More

Well, it's not just this stock that's battered. Almost, if not all of the PSE's. But sure enough, this came not without a warning. When this broke down from a double top formation early this year (see earlier post), I plotted the target price to be below P1. At that point it's probably hard to believe. But if you follow your technicals, this shouldn't come as a surprise. Today, MEG closed at P0.76, even below the target price and could possibly go down further.

Remember, even Mt. Everest can sink in the Mariana's deep trenches...

MIC My Day

Is this a reversal in the making? Looks like a head and shoulders to me. Watch out for a breakout above the neckline estimated at P3.15. MACD is about to cross the signal line.

Looks bullish to me. Attack upon breakout!

Last of the Lopez Stuck?

I'm looking at various Lopez stocks in MER, FPH, and BPC and all of these has rallied from its recent lows. Looks like FGEN has been left behind. Chart seems to be looking good as it has formed what I see as a bullish descending wedge. Yesterday it traded highly with 4.2 million shares. I'm waiting to see this breakout from this pattern. Buy if it breaks above P28 with volume.

Attack upon breakout Monski!

It Wasn't Hot After All

What happened to LIHC last week was a false breakout. After peaking at P10.50 last week, it decided to consolidate further within a symmetrical triangle. I thought we reached the apex of that formation last week? Well, here we are again as it approaches the apex of yet another triangle formation. Buy if it breaks above P10 with volume. Cut loss if this dips below P9.30 which is its current support. 50 day MA has just cross the 100 day MA. Bullish?

Some Like It Hot

While the PSE index is taking a beating, a number of 3rd liners have taken center stage over the last few trading days. Just look at ISM, PA, AJO, the GEMINI stocks to name a few. One stock I'm looking now is LIHC. After liquidating much of my holdings, I got tempted to buy some of this issue. A look at the chart shows that it broke from a symmetrial triangle formation. Although the breakout happened near its apex, it has been accompanied by a surge in volume when it closed yesterday at it's high of P9.80. Today, low is at P9.9 with a high of P10.50 and with a higher volume. I managed to snatch some at P9.90 and P10 before it closed at P10.25. MACD is still above zero and about to cross the signal line. Target price is at P15. I see resistance however around P11.25.

Let's see how this develops. Good luck to all holders.

Cash Is King!

Unless you're trading in a market where shorting is allowed, it would be best to stay away from the market right now. A look at the PSE index shows that it has more room to drop. I'm looking at the 2100 level for now. But who knows what's going to happen after? Generally so hard to find wins during this downtrend. I remember early 2007, even without the aid of charts, I managed to harvest some decent gains. Thanks to that bull run (that was about to end). Now, the story is different and the best defense for now is to stay away and preserve that much needed capital.

Let's See MWC

Manila Water. This stock had been on an uptrend for much of 2007 before moving sideways at the start of 2008. It has been consolidating in a triangle and appears to have broken from that formation today when it closed at its high of P18.25. However, volume is still suspect but MACD now oscillating above the zero line. Almost all stocks in the PSE have fallen. Looks like this water is resilient. Water proof?

BKD On My Watchlist

Bankard, Inc. This just caught my attention today because of its ascending triangle pattern. It had a false breakout last May 14 when it hit an intraday high of P1.60. Today, it closed at P1.50. We need to see it break that P1.60 with volume to confirm a breakout from it's pattern. The price is almost at the apex of the triangle pattern so let's see how this fans out. Will attack upon breakout.

What's AP?

Aboitiz Power. This stock has been moving sideways in a triangle formation since its market debut. A look at its chart from March 2008 onwards shows that it's been forming a bullish ascending triangle formation with P5.20 as its resistance. Today's price action saw this stock hitting an intraday high of P5.30 before settling at P5.20. Trading volume has likewise increased over the last 2 months. Can the resistance be broken? Let's watch out. Attack upon breakout!

OVer The Hump?

Did OV break out today? A look at my chart shows that it did break out from an ascending triangle formation. Volume was quite heavy with a turnover of a little over 1 billion shares. Now, we need to see if this run is sustainable. Cut loss if it falls below support which is supposedly now at 0.031. Target price? 0.037.

Today's Top Gainer: VLL

All of a sudden, Vista Land breaks out of the pattern; a bullish descending wedge formation. Just need to see the volume pile up to confirm its breakout. Now on my watchlist.

My Eye on BPI

Why haven't I been looking at any financial issue? Because this belongs to one of the battered sectors (well, aren't they all battered?) in the financial markets. Almost everyday however, I interact with this company. My ATM, my online stock brokerage, our company's disbursing account, to name a few. So why not take a look and see what this has to offer. This is what I've found. Intermediate trend is still on a down trend. However, since mid March, it has been on a steady climb. From a low of P47.50 last March 18, it went to a recent high of P56.00 registered last April 2-4. It has been slowly going down since then till today's low of P53.00. Looking at the chart, it seems like it has formed a bullish flag. Today's low and close is at the 38.2% retracement. We might see a bounce from this level as shown in several times it hit lows of P53.00 which could be a strong support. I've looked at the MACD at these times and it's been going up at each instance. What I also like is that the MACD line has crossed above the zero line. Volume also increasing. Could it just be taking a pause before it resumes its uptrend? I'll wait till this breaks out of that flag formation. Attack upon breakout!

Ready for RLC?

Is reversal in the works for RLC? This stock has been on a downtrend since October of last year. From March of this year, however, I see a steady increase in volume. Yesterday, it tried to break out of its resistance line (shown in red) when it opened at P11.25 but due to lack in volume, had to settle at the day's low of P10.50. Today, it's been steady at that same price and is now sitting right along that resistance line. I'm likewise seeing what appears to be an inverse head and shoulder pattern, a reversal pattern. Looks like a good mix for its increasing volume. Attack upon breakout!

AT It Again?

Atlas Consolidated Mining. The stock has caught my attention 2 days ago when it surge from a low of P10.25 the previous day and hit a day high of P11.50 before settling o P11.00. Today, it's been steady at P11.25 despite a down market. Upon reviewing my chart today, this is what I see. Could this be a double bottom formation in the making? This formation is confirmed once it breaks the neckline at P11.75 - P12.00. However, it still needs to break that resistance line as shown by the red diagonal line. MACD line is sloping upwards and is now near the zero line. Volume for this year has been steady though not as high as last year's. Let's see if it can take out that resistance. Attack upon breakout!

Tuned In For TUNA

Alliance Tuna International. From June of 2007 till mid January of 2008, TUNA had been on a down trend. It's been the opposite ever since and is currently consolidating after its recent high of 2.16 achieved last March 5. A look at the chart shows that it's been forming a bullish inverted head and shoulder pattern. Buy when it breaks out of the neckline (see red horizontal line) coupled with a sharp burst in trading activity. Before it does so, it needs to break its major resistance line as shown by the blue diagonal line. If it does, it would affirm the bullish sentiment for this stock.