Trader’s Logbook PSE Stocks Worth Watching January 7 – 11, 2013
Happy New Year to all! This is my first post for this year and I hope that all of us can ride the continuing bullishness or our local economy. Congratulations also to those who were able to ride the wave of LMG, TSI, MIH and other stocks that rallied last week. Better luck next time for those who were not that fortunate though. This week I will be watching ALI, BLOOM, ELI, MRC and VITA
Trader’s Logbook PSE Stocks Worth Watching this Week (ALI, BLOOM, ELI, MRC, VITA)
AYALA LAND, INC (ALI)
One of the sector I am eager to enter is the Property Sector. Based on what I have seen which I outlined here Looking at the Property Sector, ALI and SMPH got my attention but I need the two stocks to correct first. Looking at their respective weekly chart, it seems to me that ALI is likely to correct so I will be looking at this stock this week. If the Shooting Star found at the upper band of Bollinger Band will be confirmed this week, it will be our time to position.
BLOOMBERRY RESORTS CORPORATION (BLOOM)
Last January 3 we thought there might be a test for BLOOM (Not yet BLOOMing?). It just showed another indecisive mood and this time with lesser volume. Looking at the weekly chart, we could see that it had already passed the Hammer signal two weeks ago. The Hammer was situated at 38.2% Fibonacci Retracement level and now the price is at 23.6%. Intra-week it was able to break that level but wasn’t able to maintain. At this point, BLOOM should break the 23.6% level in order to further its ascent or else it will go sideways.
EMPIRE EAST LAND HOLDINGS, INC (ELI)
ELI‘s White Marubozu following the spinning top on our weekly chart suggests it still have a chance to go up following the 9% ascent last week. With a strong force from the bulls, price may cross the upper band of the Bollinger Band. It may get some resistance at 1.10
MRC ALLIED INCORPORATED (MRC)
Looks like this stock is about to reverse from the downtrend, technically. Its price movement on the last trading showed a long-legged Doji. This medium-reliable candlestick, when found at the bottom of the trend suggests that a reversal will soon to happen. It shows the indecision of the buyers and sellers. It is one of the important reversal signals. This candlestick shows that there is a great deal of indecision in the market. Prices moved well above and below the day’s opening level, however they finally closed at the same level it opened. The end result is only a little change from the opening price despite the whole volatility and excitement during the day that clearly reflects that the market lost its sense of direction. Lets monitor this stock closely this week.
VITARICH CORPORATION (VITA)
The movement last week could be the start of reversal for VITA. Our weekly chart shows that after touching the middle of Bollinger Band, price bounce a little. But one should be careful as this might be a bull trap. We are still waiting for the update about the White Knight and until no good news, this stock could be a highly speculative one. I suggest we should ride the wave but minimize the greed. Profit is a profit.
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