PSPT Revisited

A look at PSPT's chart shows that it's target price has been achieved. Five trading days after breaking down from its ascending triangle pattern, PSPT went to as low as $10.76 before closing at $11.60. Its MACD in negative territory and is now pointing downwards. It is now trading below all moving averges. For the last 2 days however, it's been holding on to the $11.60 level. Let's see if this support will hold, otherwise, next support is around the $10.25 level. Let's see how PSPT develops into this coming week.

Brownout!

A. Brown, Inc. - This week's review of my BRN chart shows that this issue is poised to go down. It had been consolidating in a bullish ascending triangle pattern. However, last February 6, it broke its support line when it closed at P3.80. It tried to recover the next day but couldn't go past P3.80 which I believe is now the resistance. Looks like this issue has weaken at the moment. Target price is around P2.70.

The WEB Breaks Out

The first day of February brought WEB to one of the PSE's top gainers. A review of the chart shows that indeed a breakout occured from what I see as a bullish ascending triangle pattern. Height of the base is P0.009. Target price is projected at P0.049, a 14% upside from last Friday's close of P0.043. What makes this stronger is that the breakout was confirmed by a huge surge in volume. At the same time, I see it broke out from its descending channel pattern.

MERcury Rising

MERalco appears to have broken out from what to me is a descending wedge pattern. It closed last Friday, Feb. 1 at its high of P84 coupled with its highest volume turnover since 9/4/2007. Looks like possibly heading towards the P100 mark but expect heavy resistance between P90 - P100. Will MER reach boiling point? Abangan!

No Support for PeopleSupport?

Of what was supposed to be a bullish ascending triangle formation ended up in a breakdown situation for PeopleSupport. From its previous close of $14.03, it immediately gapped down to $13.75 before closing to $12.51. The bears have immediately taken over PSPT. I see this heading down to around $11.25.

After posting this chart, I learned that PSPT for the 2nd time rejected IPVG's revised takeover offer of $17 per share. Looks like the street failed to support it this time.

For IPVG, no effect whatsoever as it stays flat at P4.85 today.