Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 2013

PHOENIX PETROLEUM PHILIPPINES

This week we will only have 4 stocks to monitor for possible bounce and continuation. GERI with its flag may have been done with its consolidation and continue its trend. In addition we have PNX, PBB and TA.

 

Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 2013

 

GLOBAL-ESTATE RESORTS, INC. (GERI)

Looks like GERI is taking a pause after going up from 2.2 to 2.7 Is it done resting? Current price is at 23.6% Fibonacci Retracement level. The price action since mid April creates a flag formation which is regarded as a short-term continuation pattern that mark a small consolidation before the previous move resumes.

The price action also shows that 20-day SMA line acted as a good support. Let us see if this week is its week.

GERI05032013 Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 2013

PHOENIX PETROLEUM PHILIPPINES (PNX)

PNX is mid way to recovering from the big loss last April 25 and 26 after it made a rally last April 30 but bearish sentiment became obvious after we had the last two candlesticks. Is it just a “pause” from the rally or the Harami pattern suggest weakening of the bulls. Currently the price is above the 50% Fibonacci Retracement level. If the Harami will not be confirmed then it might continue its ascend and hit 10.50

In case this will turn sour and pierced the 50% Fibonaaci Retracement level, 9.20 will be our next support.

PNX05032013 Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 2013

PHILIPPINE BUSINESS BANK (PBB)

Currently PBB is at its support line (around 34). Last time it hit this level it bounced up to 37. Will it happen again? The Gravestone Doji found last few trading days ago shows indecision among traders and this sentiment extends to two more days. Usually if we will see a doji at the lower part of the trend, this suggests reversal. Is PBB ripe for one?

PBB05032013 Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 2013

TRANS-ASIA OIL AND ENERGY DEV (TA)

We were waiting for TA to create the handle for the cup last time (Shooting Star on TA, Cup and Handle soon?) and speculating 2.50 might be a good entry price but it didn’t happen. Instead it went up for a few days. I was upgrading my entry price at 2.7 because I thought it will test the newly found support until last Friday it suddenly dip following the bad news. The dip was quite big as it went down to 2.50

Taking a second look at TA right now we could see that the 23.6% Fibonacci Retracement level acted as a support last Friday with the 20-day SMA line as backup. Did the traders who bought at 2.5+ level did a sound decision last Friday or they were catching falling knives?

TA05032013 Trader’s Logbook PSE Stocks Worth Watching May 6 – May 10, 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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