The market simply moved sideways this week as it closed 17 points - 0.40% lower from yesterday's session, closing at 4216.35. This market behavior would probably last till the next earning reports come in. No news is bad news.
AGI fell by 1.43% in the previous session, closing at 11.02 leaving my position virtually unchanged when I bought it. Divergence in rate of change and momentum is suggesting further corrective consolidation in the short term. Weekly charts is definitely pointing down now.
Of all the property stocks that I've been watching, MEG seems to be the one that showed greater strength among the three. Although it seems like it has peaked already at 2.50. Any rebounds from the support at 2.20 should be bought. Weekly charts also gave a buy signal so any weakness in the daily charts should provide a good buying opportunity. Breaking the previous high at 2.55 would be possible as soon as the MACD starts pointing up.
Not the same case with ALI as selling started to surface at the 18 levels. Bounces from 16.70 levels should provide buying windows with a tight stop right below it. Avoid if it breaks the 16.70 support levels.
FLI behaved like ALI although not as bad. Rebounds from 1.32 support levels should provide buying windows with a tight stop loss right below the entry point.
Avoid if breaks the 1.32 support levels.
PX is make or break at 14. Divergence in momentum and rate of change is suggesting consolidation though.
RFM closed unchanged yesterday. There was a slight loss of momentum although both indicators are still pointing up so the possibility of advancing and retesting the resistance at 2 is possible.
I missed the AP boat! /sadface
DMC is probably the only one I can ride with now for the mean time.
