Scans for next week: Philex Mining Corp (PX)

Broke out of its one-year downtrend last September 2 as confirmed by the crossing of the MACD line over the zero line which was also accompanied by exceptional volume. However, 10-day and 20-day moving averages are still below the 200-day MA suggesting the need of further confirmation before taking position.

The ideal movement of the stock next week is to reach 13 first before it starts to correct.

Price bouncing off 11 accompanied with volume would suggest a strong buy signal as it would indicate a strong support at the said level, with an immediate resistance at 13.

However, if it drops further below 11, it would suggest that the breakout is a failure and it will most likely to resume its downtrend.


Entry: 11
Psychological resistance: 13 - 14
Major resistance: 16 - 19.50

Caveat.

Personal Disclosure

Even after DOW's relatively weaker closing last night with +50 points, our market still surged up by another 68 points pushing every major stock up. Good thing the big boys continued their buying frenzy today. Hopefully DOW ends up positive again tonight to extend the green fields! I am looking forward to take profits by early next week.

MPI continued to perform very good in today's session gaining another 3.91%, closing at 3.72 as it also made another gap up from yesterday, pointing now at 4.02 as target! This looks very possible if the foreign buying frenzy continues til next week. The previous gap up target at 3.82 might be the next psychological resistance. Psychological resistance at 3.55 and 3.65 are taken out today, while the next psychological resistance at 3.75 was touched but it held strongly as it fended the price off at that level. Once the psychological resistances at 3.75 and 3.82 are taken out, major resistance will be at 4.20. Trailing stop is also adjusted with today's closing. Seven trading days in portfolio netting 9.97% paper gain for the entire holding period.

FLI continued to perform well today as it gained another 3.97% closing at 1.31 with a high of 1.32, accompanied by exceptional volume. Psychological resistance at 1.22 was taken out yesterday while 1.26 and 1.30 are taken out today. The price also touched the next psychological resistance level at 1.32 but it defended the said level strongly. However, once 1.32 is taken out, next psychological resistances will be at 1.40, 1.42 and 1.50 while major resistance levels are at 1.92 and 2.40. Trailing stop is also adjusted with today's closing. Ten trading days in portfolio netting 7% paper gain for the entire holding period.

DMC stopped being a disappointment today as it played some catching up in today's session as it gained 6.42% closing at 23.20 that also made a small gap up from yesterday's session that was accompanied by exceptional volume. The small gap up points at 24.15 as target. It is also now trading at it's all-time high at 23.20. Trailing stop is now active. The previous high at 22.05 acts as the psychological support. Five-trading days in portfolio netting 5.94% for the entire holding period.

MEG didn't lagged as much in comparison to DMC as it gained another 3% in today's session filling the previous gap down and breaking the immediate psychological resistance at 2 and 2.04, closing above both at 2.05. Next psychological resistance is at 2.24, 2.40, 2.68, 2.88 and 3.20 respectively and major resistance at 3.56.
Five trading days in comparison with DMC netting 6.06% for the current period, slightly higher by 0.12%.

DMC didn't perform as bad as I thought after all.

Stocks that broke out of their downtrend are GMA7, GMAP, and PX. They might be worth a look.

Standing at 12.41% gain today of the target courtesy of AGI. 7-trading days left to reach the target

9.97% net paper gain in MPI
7.07% net paper gain in FLI
5.94% net paper gain in DMC

Still sitting tight! I am looking for windows to sell next week though.