The market declined further in today's session losing 23.86 points, closing at 4191.25. Major index gainer today is MEG while major index losers came from the mining sector comprising of LC, LCB, MAB, and PX.
AGI seemed to have found support at current levels. However, both momentum and rate of change are still pointing to further decline in the short term. Weekly chart looks like its half-way through its decline so am expecting it to resume its uptrend late this week or by early next week.
ATR and JPMorgan seems to be accumulating as they are net buyers today with 31M and 1.9M (volume) respectively.
I forgot to post my analysis for MEG if it breaks out of trading range yesterday. It should have been buy on break out of the resistance at 2.55. Anyway, I still missed today's buy on break out for MEG as I left 30 minutes before the market's closing. Any pullbacks near 2.55 levels should provide opportunity to buy with a target of 2.90 from the the symmetrical triangle that it formed on the daily charts.
Major foreign buyer today is MACQUARIE amounting to 21.65M (vol).
Rate of change and momentum are both pointing up suggesting further advance in the short term. MACD is already pointing up and the fast line has crossed above the slow line confirming the continuation of the uptrend.
This is frustrating since I have a position in MEG in COL's virtual tycoon. /sadpanda
AP continued to decline further in today's session, losing 1.92% closing at 25.60. Momentum and rate of change are still both pointing down suggesting further decline in the short term. Declines up to 24.50 should provide buying opportunities with minimal risk.
Major buyers today are MACQUARIE, PEP, and DEUTSCHE.
DMC continued its corrective consolidation today losing only by 0.89%. Momentum and rate of change are diverging from each other suggesting further consolidation in the short term.
Major buyers today are DBP-DAIWA and JPMorgan.
PX broke down today from its support at 14 by more than 3% suggesting further decline in the medium term. Momemtum, rate of change and MACD are all pointing down suggesting the idea of further decline.
Next support at 12.76-12.90 levels.
Looks like I was right about MBT. Too bad I didn't get the "OK" signal to buy it. The only stocks that I have the "OK" sign to buy are: AP, AGI, MEG and DMC.
My position in AGI is still on commision/paper loss.
