Phisix Breakout and Stock picks  

Posted by Book Eater in , , , ,

I posted Phisix Daily Chart (Zoomed), Phisix Daily Chart (Zoomed Out) and Phisix Weekly Chart so that we can understand the picture of today's markets better.

Short term: We just broke out the downtrend channel indicating a possible short term reversal. Where then will we encounter resistance? Zooming out, we see 3031.

Medium Term: 3031 might be a resistance we have to take out and we will then proceed to a larger rally ahead of us. We can then use the height from 3031 to the low of about 2772 which gives us a short term target price of (3031-2772=roughly 260 pts) or target of 3290.

Long Term: Weekly chart, we are just lying at the 130 week MA and have just bounced from there. Our long term outlook is still positive however, the support lies at a little above 2500 so there are still downside ahead. Caution is advised.

We have to see what happened also at the US indices to confirm this breakout.


Stock Picks:
1.) AC - lower low, higher MACD, white bullish hammer last March 28 with significant volume. See chart.

2.) AP- Looks to make a symmetrical triangle. A breakout with significant volume is a good entry point. Support point of the symmetrical triangle lies at 4.70, breakout point of symmetrical triangle is at about 4.90 Wait for significant volume to arise before entering.

3.) CMT- Parabolic Trigger signal, buy cross signal, diminishing volume through the box consolidation and seeing volumes emerge again. Higher RSI but still not overbought.

4.) NI
-Looks set to breakout of its box pattern and coupled with Parabolic trigger buy signal, above average volumes, RSI going higher, Doji pattern forming a higher low from yesterday.

Notes: Picks were chosen based on possibility that they have yet to rise because most banking stocks like BPI, BDO have already increased significantly. EDC has increased significantly as well. Stocks in this list are "forecasted" to trade higher in the coming days.


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