The market continued to drop today, losing another 43.91 points, 1.07% lower from yesterday at 4053.38, 53 points away from the psychological support at 4000.
The weekly chart suggests that the index is now forming a bottom. Hopefully, the psychological supports hold and a bounce from there would suggest the resumption of the uptrend.
Gainers came mostly from the third liners with the exemption of PCOR +12.21% while losers are mixed with first and second liners with volume: MER, JFC, AT, and MPI.
AP declined to a low of 31.60 today before recovering at the closing at 32.95, closing lower from yesterday by 2.37%. That was one quick drop. Its volume today is unusually high. The last time it had volume traded like this was May 11 this year.
Recovery is possible by next week.
Sold AEV today at 37.70. It could rebound by next week by I highly doubt that it would be making new high by then as it still appears weak on the weekly chart, as also being pointed out by the bearish divergence in MACD on its daily chart.
AP is up by 21.73% within twenty-five trading days with doubled up position.
Sold AEV with 7.53% gain within fourteen trading days.
*Currently waiting to enter another position in another stock.
No comments:
Post a Comment