Trader’s Logbook 5 PSE Stocks Analysis Weekly from November 19 to 23, 2012
On this week forward I have decided to change something with our weekly posting. Instead of providing you with stocks that I picked, I want it to be more interactive and let our readers request for stock analysis. To start with, I have few friends who requested me to take a look at BLOOM, VITA, LC, PHES AND CAL
Trader’s Logbook 5 PSE Stocks Analysis Weekly
BLOOMBERRY RESORTS CORPORATION
BLOOM‘s week wasn’t a good one. It was only on Wednesday that it went up a little but other than that it was in red. Overall it closes -4.11% to 13.5 a share. Although we didn’t notice any sell off but news about “US gambling regulators unearth $5-million payment from Okada group to ex-Pagcor consultant” may somehow affect BLOOM in the following days.
On our weekly chart we see a Bearish Shooting Star on our Nov 5 – 9 and followed by a red candlestick on this week. We also noticed that our latest price is at 23.6% Fibonacci Retracement level. Our question now, will that level be a strong support level for BLOOM or the Shooting Star’s bearish sentiment can’t be countered at this stage. Will the bulls going to fight or leave their position for now?
I think another red candlestick will emerge next week but we might see some spikes we can use as fire exit.
In reference to our previous take on VITA Bearish trend on VITA seen (weekly chart) our weekly chart showed us another red finish. It went down by 8.55% If those who took a chance on VITA last week have only moderated their greed then they might have ended with considerable gains when VITA reach at high price. Not so helpful with those who took VITA at 1.8 – 2 though.
On our latest weekly chart, we couldn’t find any indicator for this to reverse its path after the Shooting Star. Also it went below 50% Fibonacci Retracement level so this level now becomes our resistance. We still have to wait for a good reversal signal. When? I have no idea yet.
PHILIPPINE ESTATES CORPORATION
PHES had an impressive rally last week although the Friday’s action seem to suggest bulls are a bit tired. Or is it? Remember that Friday is regarded as profit taking day. It is when traders usually protect their profit by selling some positions. So that could also be one factor. The whole week’s rally was a display of how the bulls overpower the bears by breaking out from the rectangle formation that PHES’ price has been contained in for a couple of weeks already. The breakout was supported by a good volume. Now it is normal that we will see a test of the newly found support so there might be some days when price will drop. Once the support will prove to be strong, PHES will definitely leave from the usual trend.
LEPANTO MINING CORPORATION ‘A’
Is it a good time to accumulate LC? I don’t think so. Unless you are looking at long term investment. Technically, LC might go down more as it breaks from 50% Fibonacci Retracement level. Price went down as low as 0.98 within the week although it close at 1.01/share but still that is 8.18% decline from previous week. Taking a quick look at the daily chart we can see a dragonfly doji but looking at weekly chart it seems to me that this dragonfly doji will only give us a short-lived spike. The spike might happen in order to test the newly found resistance after the break down. If the resistance prove to be strong then we will be looking at 61.8% as our next support. That is around 0.90 a share. If the bulls can break the resistance then we will be looking at 1.2 as our next resistance.
CAL‘s weekly chart looks a little bit promising than previous actions it showed us. This time CAL’s candlestick is solid green. It suggests that the bulls didn’t leave us until the last day unlike previous green candlesticks it has a long upper shadow. Will this be a breakout from the usual trend of CAL? or its another fake breakout? I would say CAL is a highly speculative play for this week. So its really important to monitor the movement intently and moderate your greed.
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