This week we will be looking at BLOOM for possible continuation but needs to be very bullish in order to break 13.0 or else it will just go down again. BPI is on our list for possible bounce at support. For CPG we need to see at least one candlestick to have a better idea if it will bounce or not for the whole week. FGEN started to bounce last Friday, it might have a continuation while EDC may have to touch the support level before another try for resistance breakout.
Trader’s Logbook PSE Stocks Worth Watching April 29 – May 3, 2013
BLOOMBERRY RESORTS CORPORATION (BLOOM)
The last two trading days last week made BLOOMers happy as the stock reverses from the trend. But will it continue? Will there be a new group of ipits this week? I think the big challenge here will be the resistance at 13.0 If the bulls can sustain the bears at 13 then this might fully reverse but if they will be overwhelmed by the bears then price may continue to go down after the bounce.
BANK OF THE PHILIPPINE ISLANDS (BPI)
Another test at the 23.6% Fibonacci Retracement level (support line) for BPI. This line has been tested a couple of times already. Will it give way to the bears this time or will it stay strong? Earnings report at 05/02/2013 is fast approaching. This could be anybody’s ball game for now but we’ll definitely monitor this one.
CENTURY PROPERTIES GROUP INC. (CPG)
Support level for CPG need to be strong or it might fall hard. Last time it bounced at the 38.2% Fibonacci Retracement level was last April 19. It was on that day that we saw a Doji and the lower slope support. This time, CPG’s price is approaching the lower slope with back up support at 38.2% Fibonacci Retracement level. Will it fall or bounce?
ENERGY DEVELOPMENT CORP. (EDC)
The area for EDC’s price to move has been getting narrow each day but I think its not yet time for a break out. Last Friday it went up as high as 6.69 (within resistance zone) but settled at 6.57 We have been seeing a higher lows but it seems it is still having a hard time breaking the resistance. Who will get tired first? The bulls or the bears? If this will break the 50% Fibonacci Retracement level then it might be easy for the bulls to bring the price to 7.0 and then close the gap up to 7.50 but while its not yet happening, we have a threat it will go down where 76.4% Fibonacci Retracement level will be our major support.
FIRST GEN CORPORATION (FGEN)
FGEN looks promising with the bounce from last Friday. Based on Fibonacci Retracement levels, 38.2% is our support which showed to be strong last week. This movement also brings the price inside the Bollinger Band from the lower band. Looks like this is heading north with additional indicator RSI saying BUY. Let’s see how it will move this week.
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