This week we will be looking into stocks that we listed the previous week. This is because still see some bullish sentiment on them. These stocks are SMDC, PGOLD, DNL, EDC and a lets add MED (not for the faint of hear)
SM DEVELOPMENT CORPORATION (SMDC)
Looks like we have something interesting for SMDC. As we can see in our chart we have our resistance (horizontal line) and then we have our support formed by the higher lows which act as our support. Even if most often we will see the price breaks after sometime on this formation there are still times when resistance is so strong that price will instead go down after few tries of breaking the resistance. A test buy is good at this point and if it turns sour, somewhere around 38.2% Fibonacci Retracement level will be our support.
PUREGOLD PRICE CLUB, INC. (PGOLD)
Last Thursday we saw PGOLD did a good job and much that we cheer for this stock to continue move upwards, we are also reminded that sometimes price will test the newly found support before continuing. Is last Friday’s descend of 2.29% can be called a test of support or prior day’s movement was a failed break? Earnings announcement on April 23 so this could be exciting.
MEDCO HOLDINGS, INC. (MED)
After 6 consecutive decline we saw MED took a reverse and successfully done it for the last two days. The question is: will it continue? Based on MED’s chart we see the 20-day SMA acted as a strong launch pad for this stock but it seems that every red candlestick’s highs will be its resistance. This stock is not for the faint of heart so just take extra care.
D&L INDUSTRIES, INC. (DNL)
This stock has been failing to emerge from its resistance. Will it disappoint investors this week? Last Friday it went above 7.03 but failed to stay at the top. Volume traded was concentrated on 6.99 and 7.00 Looks like we still have a good trade this week for this stock as it climb to the resistance level set by the all time high 7.20
ENERGY DEVELOPMENT CORP. (EDC)
We have been speculating that this stock will hit the resistance and eventually close the gap above but it seems it is taking a little bit slow. It seems we have an immediate resistance at 6.60 as we have experienced for the last two days. This week should be enough for us to see where this stock will lead us to.
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