The market continued to move sideways today, closing lower by 1.24 points. ALI was sold down today again down to 16 before recovering back and closing at 17.30. I now have the notion of buying ALI immediately once it drops by more than 5% for quick money.
AGI continued to decline today, losing by 5 centavos or 0.54%. Rate of change and momentum is still diverging from each other so I am inclined to believe it will continue to decline/consolidate in the short term. Its weekly charts looks like its half-way through its decline so am expecting it to resume its advances late this week or by early next week.
MEG met resistance from its previous high of 2.55 (tweezer top) and started to decline at that point. A bounce from 2.35-2.40 (gap) levels should provide a good entry if it is to resume its uptrend. A bounce from that level would also confirm the symmetrical triangle pattern that formed in its daily chart with a target of 2.90.
However, if it declines further beyond that point, expect a strong support at 2.20 levels and continue to trade the range. Furthermore, if it declines further beyond the 2.35-2.40 (gap) level, the symmetrical triangle pattern would be rendered void and would be replaced by an ascending triangle pattern, with a target of 2.80.
On the other hand, FLI moved sideways with a tighter range from 1.32 to 1.40. A possible symmetrical triangle pattern might also be forming on the charts.
PX dropped by 0.56% today. It is definitely forming a descending triangle pattern. However, as much as I don't like seeing spinning tops on the top of trading ranges as they usually signifies movement reversal in the short term, I pretty much welcome its appearance on the bottom of trading ranges. With a bounce from its current support of 14 should provide a good entry with a tight stop loss right below, with immediate resistance at 15. Breaking above 15 would suggest the end of the short term down trend and it would be resuming its uptrend.
However, if it does break its support at 14, expect immediate support at 12.76-12.90 levels.
I won't be watching RFM for the meantime or until it breaks its resistance at 2 and/or once it gains 10M daily turnover on up-days. Weekly charts seems to be forming rising three method (candlestick pattern) which seems to be pointing at 1.70 level as possible support.
AP started to decline today, losing by 0.76% closing at 26.10. Both momentum and rate of change are pointing down so it seems like it would be declining further in the short term. Pullbacks and rebounds from 24.67 to 25.27 should provide good entry points. Weekly charts are looking relatively weak so I am not expecting it to rebound up til early next week (at best).
DMC would seem to be consolidating in the short term. A bounce from 31-32 levels should provide good entry.
The selling of MBT looks like it was overdone/overly bearish for me. Buy if it advances tomorrow with immediate resistance at 71.92 up to 72.96.
My current position in AGI is still the same; sitting on half of commission/paper loss.
