Before the week has been concluded last week, we saw a glimpse of bullishness on our market. We saw some technical indicators suggesting a rebound but last Friday’s closing come just a little bit short to 3 digit positive points. Yes it went up as high as 120+ but come short by 8 points from 100. It would have been more convincing if it gave us a large green candlestick.
We have a good number of blue chips and 2nd liners that are technically good. If our market will be generally bullish this week then this will surely set a good tone to our monitored stocks. Here are the list: TEL, MBT, BDO, TA and VMC.
Trader’s Logbook Philippines Stock Market Stocks Worth Watching June 10 – 14, 2013
PHIL. LONG DISTANCE TEL. CO. (TEL)
The big guy TEL wasn’t spared from the bearish sentiment we experienced for the past few days but while bullish sentiment is starting to crawl into our veins, technical indicators show that TEL is also about to reverse. The daily chart showed a bounce from the 38.2% Fibonacci Retracement level with current RSI or Relative Strength Index showing a buy signal. Looks like a good time to add more shares? We may find resistance at 3,000
METROPOLITAN BANK & TRUST COM. (MBT)
MBT made a 3.36% run last Friday to give us a good green candlestick following the buy signal on RSI and a touch on 38.2% Fibonacci Retracement level where 100-day SMA was also there to act as double support. Currently still in an unstable platform but bullish sentiment have started to creep in. If our market will continue to give a general bullish sentiment then this stock will continue to go up. It seems that 127 will not be heavily contested.
BDO UNIBANK, INC. (BDO)
BDO made a small turn last Friday after staying at 38.2% Fibonacci Retracement level. Technically, BDO is bound for a reverse after forming a Doji last Thursday on the support line. But I think most investors need to see a bullish sentiment on our market before coming back. The declaration of dividend has also fueled this stock to close in green but bullish sentiment last Friday may easily dissipate if our index will not continue to rally next week. If your average price is not that high, adding some shares this point should be safe.
TRANS-ASIA OIL AND ENERGY DEV (TA)
It was a good rally for TA last Friday after we saw some good indicators and ask [url=http://www.traderslogbook.com/is-it-taym-time/]Is it TAym (time)?[/url] Consolidating at 38.2% Fibonacci Retracement level for 3 days after successive falls, TA finally broke the silence and shoot up by 9.61% to close at 2.51 Those who bought around this level last week of May that has no confidence in our market may liquidate for a breakeven so we might feel some resistance here. Notice on our chart it also showed that we are currently on our resistance line at 23.6% Fibonacci Retracement level and another resistance from upper slope. A break from these levels with good volume will build more confidence on traders and investors. In case a strong resistance will be felt, price may retrace and go back to its support.
VICTORIAS MILLING COMPANY, INC (VMC)
Technically VMC is in a good price movement. It has been following an uptrend channel without derailing from it. At least for now. In case this trend will continue then we might see this stock hit 2.30 – 2.40 soon. Last Thursday it bounced after hitting the lower slope of the channel. This lower slope acts as our support. The bounce also happened few weeks ago. But as you notice, the upper slope also act as our resistance so we need to monitor that one as well.
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