Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

ENERGY DEVELOPMENT CORP.

We have been receiving blows left and right last week as the bears continue to rule ring. Will the next round be in favor of the bulls? This week we are counting on these stocks EDC, BPI, LC, MBT and PGOLD

 

ENERGY DEVELOPMENT CORP. (EDC)

EDC continues to go down and the same question we were asking last week, EDC going to hit lower end? Some may consider doing a test buy around 6.26 with a speculation that it will bounce from there and start to climb but the upper limit of the range and eventually break the resistance. But at the same time speculating the 76.4% Fibonacci Retracement level will hold as a support if things turn sour.

COL Financial upgrades EDC to BUY rating with an upside of 30%+

EDC04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

BANK OF THE PHILIPPINE ISLANDS (BPI)

Could this be a good time to enter BPI? After dropping 2.11% last friday and total of 7.09% this week, this stock is of interest to some. There was a sell down last Friday following the statement from Nomura Group saying Philippine banking stocks are overvalued (http://www.interaksyon.com/business/58491/philippine-banks-overvalued-nomura-says) Technically, the price movement of BPI is creating a channel and current price is at the lower limit of this channel. Will it bounce from there?

If the shock wave is not yet over, we might see the price heading for the support at 38.2% Fibonacci Retracement level.

BPI04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

BDO UNIBANK, INC. (BDO)

BDO may take another test on the 38.2% Fibonacci Retracement level (support) following the bad statement from Nomura Group about banks in the Philippines. After taking off from the launch pad last 2nd half of March and hitting 23.6% Fibonacci Retracement level, price is heading back to earth. In case this wouldn’t hold, 50% is our next support.

BDO04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

LEPANTO CONSOLIDATED MINING A (LC)

LC was down by -11.32% last week. Will it continue to go down or we will experience a bounce at this level? After the big fall last April 2 I thought the next day was a fire exit but the remaining action last week shows indecision among the players. This is something of interest for the tsupiteros. In case the action will not be in the favor of the bulls, support will be at 0.86

LC04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

METROPOLITAN BANK & TRUST COM. (MBT)

MBT made a good defense to avoid being battered by the bears unlike BDO (BDO may test 38.2% Fibonacci Retracement level again) and BPI (Is it time to buy?) Price action seemed to heading towards the 23.6% Fibonacci Retracement level which is just a few fluctuations away from current price. Interestingly, MBT seemed to be developing a Descending triangle. Although this type of triangle is most of the time bearish as the price will eventually break the support line and continue to fall. In some cases the support line will be too strong, and the price will bounce off of it and make a strong move up.

In case MBT just have a delayed reaction compared to other banks relating to the news, we will be seeing MBT going down to 38.2% Fibonacci Retracement level.

MBT04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

PUREGOLD PRICE CLUB, INC. (PGOLD)

Take a deep breath as PGOLD may touch the base before bouncing off like a basket ball and bulls may finally win over the bears in this arena. Of course that is just speculation. Looking at the chart it seems that is likely what will happen. Few weeks ago we have seen this stock bounce from 23.6% Fibonacci Retracement level but momentum died down when it reach the camp of the bears, thus the retrace. This time its the duty of the bulls to guard their post and if they succeed, price will move up. Let us see who will get tired first.

PGOLD04052013 Trader’s Logbook PSE Stocks Worth Watching April 8 – 12, 2013

 

 

 

DISCLAIMER: THE MATERIAL CONTAINED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINION CONTAINED HEREIN

About Felix Gomez Jr

A computer engineer by profession and loves to develop online systems/websites. A self-thought stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks and Fibonacci retracement levels on his technical analysis but loves to hear some rumors as well.

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