Trader’s Logbook Philippines Stock Market Stocks Worth Watching August 12 – 16, 2013
Last week was the start of the Ghost Month. We have seen fewer trades made by traders/investors. still we will be monitoring stocks that may give us some gains this week. These stocks are the following: BDO, TA, LC, MPI and SMPH.
BDO UNIBANK, INC. (BDO)
Is BDO about to rebound? Currently the price is holding on at 50% Fibonacci Retracement level which acts as our support. We also notice a BUY signal on our or RSI and base on previous action on RSI, we saw BDO bounce at this level. Looks like an exciting week for BDO this week.
TRANS-ASIA OIL AND ENERGY DEV (TA)
TA still on track with its Cup and Handle formation. But it is still in a very critical position where a failure could happen. If we look at the weekly chart, we see a Doji candlestick after a long red one. This means traders are in an indecisive mood where they want the price to go. Or is it just Wealth calling the shots?
The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout. As its name implies, there are two parts to the pattern: the cup and the handle. The cup forms after an advance and looks like a bowl or rounding bottom. As the cup is completed, a trading range develops on the right hand side and the handle is formed. A subsequent breakout from the handle’s trading range signals a continuation of the prior advance. -stockcharts.com
LEPANTO CONSOLIDATED MINING A (LC)
Last week have a seen a Shooting Star on LC’s weekly chart and a Bullish Harami on the daily chart. So far the Shooting Star wasn’t confirmed but at the same time there is no convincing confirmation on the bullish indicator. Currently the price is at 23.6% Fibonacci Retracement level and continue to create higher lows which shows that bulls are still taking the shots. I think the bulls will continue to win this week but will take it slowly.
METRO PACIFIC INVESTMENTS CORP (MPI)
MPI showed some bullishness on the last two days of trading last week. Creating a higher low on our chart, MPI may test the strong resistance (horizontal line) soon but first it should break the two SMA lines. Our weekly chart is showing a Hammer candlestick on the support line which is a good indicator. I think we can still get some shares at 5.0 early next week.
SM PRIME HOLDINGS, INC. (SMPH)
SMPH is knocking on the 61.8% Fibonacci Retracement level which is our resistance at this point the whole week. Will it finally be broken this week? Interestingly we are seeing a Doji candlestick on our weekly chart after the big drop. This shows that bearish sentiment is dissipating and a reversal may happen. But just be careful because Dojis are not a strong reversal indicator.
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