The market recovered today after the huge drop yesterday caused by the selling of DBP-Daiwa of index issues, gaining 49.18 points back, higher by 1.24% at 4002.88 - back at the psychological support. Will the market start bouncing from here? Probably. Probably not. If the market continues to be weak, next possible resistance would be at 4120 before it starts heading back down. The next good thing that it would do is to retest the recent low at 3953 levels, before heading back up with the resumption of the uptrend.
On the weekly charts, the index is probably at the bottom already so if the index starts moving back up again here, that would be a better confirmation of what's going to happen next.
Looks like the buy signal that AP generated yesterday is good. A lot of AP shares are now in the market with an average of 32.80 and looks like the big guy is done accumulating shares already so I think they are going to pump the stock now.
Technical indicators are pointing up suggesting further advances in the short term, probably up until late next week or early the week after. However, I'm still assuming I'm wrong until proven otherwise.
AGI is looking great too as it is currently forming a ascending triangle pattern(bullish) with a possible target of 14.80. Price is currently at the lower part of the pattern which should have provided a good entry for those who have appetite for risk. For the conservative ones, an upswing in the weekly chart should be their signal.
AP is up by 23.02% within 27 trading days with doubled up position.
*Wanted: Metastock for christmas!
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