While we our index is not yet in a solid ground, traders and investors like to lock their profits or cut losses. I have already trimmed my position as what I have said last time (http://techfilipino.com/traders-logbook-philippines-stock-market-stocks-worth-watching-june-17-21-2013/) and continued to be in that position until I will see the clear blue skies. To those who were still stuck with their stocks, the analysis of selected stocks below may give you another view. Of course its up to your conviction. Just check your trading plan.
By the way, do you think we will have a window dressing this week?
Trader’s Logbook Philippines Stock Market Stocks Worth Watching June 24 – 28, 2013
SM PRIME HOLDINGS, INC. (SMPH)
Last time SMPH caught our attention we were looking for the bulls (SMPH: Bulls are not around?) and it seems they are not really around during that time. SMPH concluded the week with a 3.94% drop last Friday with a total of 6.44 loss week on week. The drop brought the stock to hit the lower slope and the 76.4% Fibonacci Retracement level (1 year time frame). If we will have a bounce this week, will it be the last hurrah of SMPH before surrendering to the bears? That’s still have to be seen but as we notice SMPH is following a trend. Let’s respect price movement.
AYALA LAND, INC. (ALI)
ALI tried to bring its price up but failed to sustain the rally in the afternoon. It reached as high as 30 but retraced and close at 29. Currently the 50% Fibonacci Retracement level is holding strong as a support but it seems that the stock is also creating a pattern the same as other blue stocks. Will it also fall like the others or ALI will find its way to go against the trend?
BLOOMBERRY RESORTS CORPORATION (BLOOM)
BLOOM continued to drop and now is trading at 10.02 per share breaking the support line of 76.4% Fibonacci Retracement level. This line is now considered the immediate resistance where we have seen action at this level last year around July to September of 2012 during which we have seen a crossing of 20-day SMA going above the 100-day SMA.
Currently our 20-day SMA line is moving below the 100 and 200 day SMAs. I think its better to wait for the crossing signal together with other indicators before getting in.
PHIL. LONG DISTANCE TEL. CO. (TEL)
TEL fell again this week but not as big as the last two weeks. On our daily chart we can see that the price is now trading below the 200-day SMA but 20-day SMA haven’t made a dead cross yet to 100-day SMA. While TEL continued to follow its trend as seen on our post PHIL. LONG DISTANCE TEL. CO. we have seen an interesting price movement in a 5-year weekly chart. On that chart we could see that TEL bounced on each Fibonacci Retracement levels that act as support. Could this happen again?
EAST WEST BANKING CORPORATION (EW)
East West went North last Friday with 6.54% rally bringing the price to the resistance level. Question now if EW can sustain the rally it had last Friday or its a fire exit for some before EW will go South. 20-day SMA has just made a dead cross to 100-day SMA last Monday but 200-day SMA line kept the price afloat. I think there will be a test at the resistance level again but price may go sideways. It’s East West remember?
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