Last whole week for the year 2013 and so far this past few weeks has been a disappointment for the traders as our index continue to fall. The recent fall has now confirmed the wave 4 we have drawn for our Elliot Wave Analysis last week. This week we have chosen some stocks. This doesn’t mean these stocks will go up strong this week but rather a word of caution if you have these stocks on your portfolio or if you are planning to buy. These stocks are PGOLD, SCC, SM, SMPH and AGI.
We have seen our index move down again this week wipping away the gains the previous week. Looks like this week we will have more reds then greens. I think that for every spike, there will be a lot of traders who will take the opportunity to sell and lessen their losses. What we have prepared today are list of stocks that may have some short-lived spikes like TA, MEG, AGI, RLC while SMPH to warn buyers to be more careful.
Last week we are all red with PSEi closing at 6084.84 breaking the 6100 level. This week we might see a continuation of bearish sentiment thus our stock picks for this week serves as a warning for those who are planning to get in or this may also help those who are already ipit and may look for exit points. These stocks are BEL, BLOOM, CPG, DNL and SM.
This week we will be looking at SMPH which continues to be bullish but have the tendency to retrace. A warning for MCP as it is forming a Rising Wedge and AGI which is currently facing a headwind. In addition, we have PIP which looks interesting after the weak bullish signal and lastly CPG which just rallied last week and still shows bullish sentiment.