Trader’s Logbook PSE Stocks Worth Watching February 25 – March 1, 2013
Last week it was RLC (0.46%), ABS (-3.92%), EW (11.84%), CPG (1.42%) and PBB (more than 15%) that we are looking into. We take a blow from ABS which is our top loser while EW and PBB did a great rally. This week we are looking into ABS, EW, and CPG with highly speculative stocks LIHC and PAX.
ABS-CBN CORPORATION (ABS)
Last week we speculated that ABS might trade within the rectangle but it failed to sustain within that zone. Instead it went down by 3.92% last week. At the closing last Friday ABS was able to stay in green after touching 37.50 with a bit of a light seen at the end of the tunnel. Are we going to see a bounce play this week for ABS? Currently the price is around the 23.6% Fibonacci Retracement level. Should there be a bounce, resistance at 40 will be our hurdle. In case it will turn sour, our next line of defense will be somewhere near 34.50
EAST WEST BANKING CORPORATION (EW)
It was a sweet reward from EW for those who believe it will go up. Up by a total of 11.84% last week following the break from resistance. Notable the last two trading days before the weekend showed us a great volume. The rally also brought the RSI to 82.95 which means we are not in an overbought area. Short term holders may soon realize some profits and sell. This action might cause EW to correct but that should be a healthy correction to loosen RSI a bit. If in case that will happen, our support is around 32.95 There might still be action on the early part of the week.
For long term holders, correction should be an opportunity to buy.
CENTURY PROPERTIES GROUP INC. (CPG)
Last Friday CPG was traded with bigger volume compared to previous days. Is the testing of support finally over? Did the bulls win? Currently we have seen a positive bias on the stock but 2.16 and 2.17 seems to be a hard wall to break as sellers restrict CPG to go beyond it. If this will be broken, we might see the rampage of the bulls past 2.20 and onward to 2.47. Support line of last week is still our immediate support.
Notice that DBP-Daiwa has been buying and sold less than half of what they accumulated this month.
LODESTAR INVESTMENT HLDG CORP. (LIHC)
LIHC went down by 5.10% last week but was able to show some bullishness at the last trading day creating an Engulfing pattern. Before Friday’s action, the price of LIHC went below the lower Bollinger Band then recovered last Friday. We also got a green flag on RSI which is our secondary indicator. With these attributes, is it enough for the bears to be scared and leave the battlefield for the bulls? Will the former leave easily or we will see a fight between buyers and sellers? Lets see if we can break the resistance at 0.95 easily.
PAXYS, INC. (PAX)
Looks like the 61.8% Fibonacci Retracement level is holding strong as PAX‘s support. This level which proves to be a strong support August of last year could also be true this time. We see PAX is going down but last Friday it managed to move up by 2.66% Will there be a continuation this week with lots of participation from the traders?
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