The market opened up strongly on the opening in today's session before succumbing to profit taking across the board, driving the index lower by 1.23%, closing at 4295. The buy signal on the MACD was confirmed today although it would be wiser to observe the market's movement further before taking up a position as ROC is still pointing to further decline in the short term.
Top gainers for today with relative volume consists of third liners lead by ALCO +21.35%, MUSX 4.05%, and PA +3.51%. DGTL, a second liner, gained 3.12% today closing at 1.65. The majority of the losers came from first and second liners led by RFM 2.10 -4.98%, MBT 78.70 -4.61%, JFC 91 -4.21%, CEB 117 -3.94%, GLO 837 -3.79%, DMC 38.30 3.65%, ICT 43.50 -3.55%, MPI 4.20 -3.23% and AC 398, 3.12%.
That's a lot of significant losers today.
AEV continued to meet strong selling pressure whenever it touches the 36 levels, closing slightly higher by 0.86% at 35.
Rate of change is still pointing up suggesting further upswing in the short term.
Personal Target: P45
AP continued to advance further today in today's session however, it closed significantly lower today as the top buyer from the 28 levels was taking profits from the top of today's price range, inching only by 0.67% closing at 30.15.
Rate of change is relatively toppish in the short term, calling for a correction/consolidation in the short term with a possible support at 28.65-29.30 (gap) levels.
Personal Target: P35
DMC continued to decline significantly today, losing 3.65% closing at 38.30 However, rate of change is relatively at the bottom already, suggesting the resumption of the uptrend in the short term is possible as the MACD is also about to confirm.
Currently at the first line of support. Next possible support at 37.35 if it declines further.
There are a lot of stocks that are providing nice entries this week namely DMC, MBT, MPI, and SCC; all of them are about to give off a buy signal, while RFM has just started to decline.
AP is now up by 11.38% within twelve trading days with doubled up position.
AEV is now up by 2.05% within two trading days, shy by 0.07 cents from break-even point at 35.07.
