The index closed 74 points higher at 4053, closing 1% higher from the psychological resistance at 4000. I am confident to say that it will continue to move higher this coming days and it might break the psychological resistance by 3% this week.
PX made a gap earlier but some profit taking pushed the stock slightly lower but continued to move higher by mid session as it buyers started to push the price higher, breaking the the next resistance level at 16 by more than 3%, gaining a total of 16.29% in today's session. The risk in comparison to reward is now too high if you didn't get in the 13-14 levels. Next resistance is at 19.50. Buy on weakness.
EDC did what I expected it to do and I am still expecting it to advance in the next few days.
DGTL seemed to formed a buy signal today while RFM continued to move within consolidation range.
MEG seems to be forming a bullish divergence as my trusted technical indicator is pointing down but the price movement is advancing which is also accompanied by high volume.
GMAP looks like it has formed a bullish harami today so I did not sell yet. If the harami is confirmed tomorrow, I will hold. If not, I will sell.
Currently sitting on a 8.28% net loss courtesy of GMAP and 4% net gain courtesy of MEG.
Monday, September 20, 2010
Personal Disclosure
Citiseconline finally went back up last Sunday. Anyway, I finally made some possible trades for this week. Hopefully, funds rotate back now to my side of the fence.
Other stocks worth watching this week are EDC and DGTL.
EDC finally broke its major resistance at 5.60 and it reached its recent high at 5.86 before it was sold down the next day as low as 5.49 before closing up at 5.68. I am more inclined to think that the piercing back below the support is not enough as it only pierced old resistance intraday. The recent candlestick formation also looks bullish enough to warrant a buy. However, the trading range to the next resistance at 6.24 level is too tight for me so I don't think I'll be taking a position here.
DGTL also finally broke out of its recent downtrend which was accompanied by high volume. 10-day MA has also crossed above the 50-day MA. I would try to buy as close to 1.48 as possible.
Another stock that I get asked alot is RFM. I believe that RFM will continue to consolidate in the near term. Breaking 2 with high volume will warrant a buy signal with an immediate target of 2.20. Breaking 2 will also point to 2.85 as a possible target in the intermediate to long term. However, if it still doesn't break 2, I am expecting it to consolidate within the range of 1.80-2.00.
I think I finally found out how PAR-SAR actually works.
I think that's about it for now. Monday, here we go!
Caveat.
Other stocks worth watching this week are EDC and DGTL.
EDC finally broke its major resistance at 5.60 and it reached its recent high at 5.86 before it was sold down the next day as low as 5.49 before closing up at 5.68. I am more inclined to think that the piercing back below the support is not enough as it only pierced old resistance intraday. The recent candlestick formation also looks bullish enough to warrant a buy. However, the trading range to the next resistance at 6.24 level is too tight for me so I don't think I'll be taking a position here.
DGTL also finally broke out of its recent downtrend which was accompanied by high volume. 10-day MA has also crossed above the 50-day MA. I would try to buy as close to 1.48 as possible.
Another stock that I get asked alot is RFM. I believe that RFM will continue to consolidate in the near term. Breaking 2 with high volume will warrant a buy signal with an immediate target of 2.20. Breaking 2 will also point to 2.85 as a possible target in the intermediate to long term. However, if it still doesn't break 2, I am expecting it to consolidate within the range of 1.80-2.00.
I think I finally found out how PAR-SAR actually works.
I think that's about it for now. Monday, here we go!
Caveat.
Philex Mining Corp (PX) Update
10-Year Weekly Chart
MACD is moving towards the zero line but it is still trading beneath the zero line.
DMI reading suggests that the recent trend is still gathering momentum.
10-day moving average is still under the 50-day moving average suggesting downtrend in the intermediate term. Uptrend in the long term is still intact as both moving-averages are trading above the 200-day moving average.
Weekly trend is up.
1-Year Daily Chart
After a year-long down trend, PX finally broke out of it last September 2 with relatively high volume. Breakout points to 14.63 as target, 4.5% away from its recent close at 14 and closing above its 200-day moving average at 13.
It now closed at 14 which is its next psychological resistance after breaking 13. A 1-3% break from it should warrant a buy signal. Breaking out would seem imminent as ROC is still pointing to further advance in the near term.
Major resistance at 16 and 20.
***The stock did reached 13 as I have anticipated before. However, I was expecting it to make a correction before heading back up but in the contrary, it simply consolidated before it started to head back up which I did not look into.
MACD is moving towards the zero line but it is still trading beneath the zero line.
DMI reading suggests that the recent trend is still gathering momentum.
10-day moving average is still under the 50-day moving average suggesting downtrend in the intermediate term. Uptrend in the long term is still intact as both moving-averages are trading above the 200-day moving average.
Weekly trend is up.
1-Year Daily Chart
After a year-long down trend, PX finally broke out of it last September 2 with relatively high volume. Breakout points to 14.63 as target, 4.5% away from its recent close at 14 and closing above its 200-day moving average at 13.
It now closed at 14 which is its next psychological resistance after breaking 13. A 1-3% break from it should warrant a buy signal. Breaking out would seem imminent as ROC is still pointing to further advance in the near term.
Major resistance at 16 and 20.
***The stock did reached 13 as I have anticipated before. However, I was expecting it to make a correction before heading back up but in the contrary, it simply consolidated before it started to head back up which I did not look into.