Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

MANILA MINING CORPORATION

Last week it was PNB that gave us a good 7.26% week gain followed by EW and JGS. ELI and EG didn’t went well. This week we are looking at 7 stocks MA, ACR, EDC, LTG, POPI, CPG and PNX.

 

Trader’s Logbook PSE Stocks worth Watching for January 28 – February 1 2013

 

MANILA MINING CORPORATION `A` (MA)

Last few days ago we were looking at MA and we thought it is forming a handle for the cup (MA’s cup, lets drink to that). It seems that the handle is on development phase and have no delay as of this time. Is it going to be finished soon with a strong base?

MA01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

 

 

 

ALSONS CONSOLIDATED RESOURCES (ACR)

This stock went up last December 28 following the Dragonfly Doji candlestick at the lower band going up to the upper band before taking a cue from the Shooting Star to go down. The last candlestick showed another sign of reversal with a Dragonfly Doji but this time the tail (lower wick) is not that long. But this also looks like a Double Bottom Buy.

A Double Bottom Buy signal is given when prices penetrate the lower band and remain above the lower band after a subsequent low forms. Either low can be higher or lower than the other. The important thing is that the second low remains above the lower band. The bullish setup is confirmed when the price moves above the middle band.

ACR01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

 
ENERGY DEVELOPMENT CORP. (EDC)

Not our book definition but current candlesticks formation of EDC looks like a Ladder Bottom. It is where we see 3 consecutive red candlesticks and followed by a small one (this case its green) then on the 5th day, a large green candlesick. This formation suggests that after the bears rule the battlefield, we have seen its power dissipates on the 4th day and bulls was able to gain control on the 5th day. This formation has a medium reliability, so let us see if the bullish reversal will be confirmed tomorrow. One time in the recent past, EDC had a large green candlestick but it made a Bearish Harami so just be careful.

There is a strong resistance at 7.10

EDC01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

 
LT GROUP, INC. (LTG)

Looks like an Ascending Triangle has been formed by LTG‘s price movement. This type of formation occurs when there is a resistance level and a slope of higher lows.

What is happening is that there is a certain level that the buyers cannot seem to exceed. However, they are gradually starting to push the price up as evident by the higher lows. But the real question here is whether the bulls will can gather more strength to someday break the resistance or it will fail and go down further. As of now the price is at its lower slope (support line). Although Ascending Triangle is seen to break at the resistance, there is no telling until that will happen. Holders should be careful and watch this stock carefully.

LTG01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

PRIME ORION PHILIPPINES, INC. (POPI)

POPI rallied last Thursday with an 11.48% gain at the closing. The next day, it went up during the day but settled below the previous price. Previous incident shows that after the large candlestick, a large red will follow but this is not the case last Friday. Price below was supported by big volumes of bids so that price will not go down. Price did not move below the upper band so it seems the bullishness of this stock is still there.

Is there something going on in here?

POPI01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

CENTURY PROPERTIES GROUP INC. (CPG)

Are we going to see CPG walk into the rectangle formation to loosen RSI a bit more or we are good to go up again? CPG rallied for a few days then somehow corrects a little. But is it enough?

Last few days ago we were asking How strong is CPG’s support line? at 23.6% Fibonacci Retracement level and it seems it proved to be strong. Now CPG is trying to advance and break the resistance line. Is it as strong wall as the support or this will be an easy task for the bulls?

CPG01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 2013

 

 

 

PHOENIX PETROLEUM PHILIPPINES (PNX)

Are we going to see another rally for PNX tomorrow after it made a 7.72% run last Friday? Or it’s a 1-day wonder act? White Opening Marubozu candlestick and closing above upper band, suggest there will be continuation of the bullishness of the stock but these indicators are soft ones. I think the very reason it rallied was because of the disclosure about the dividend. You should be wary if price movement tomorrow will give you a red candlestick and closes below the upper band of Bollinger Band.

PNX01272013 Trader’s Logbook PSE Stocks Worth Watching January 28 – February 1, 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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