The immediate support at 4150 was broken down today. If the index continues to break, next support is at the psych 4000 level and major support at 3896.
MACD reading is showing strong downward momentum suggesting further decline in the short term as also being confirmed by continued falling rate of change.
The market is now resting slightly above its 50SMA.
Top gainers for today with relative volume are AP +6.02%, AGI +1.85%, and ACR +1.44%. Top losers with relative volume are MER -7.91%, MPI -5.24%, URC -4.55%,
SM -4.52%, PNB -4.33%, FLI -3.68%, and JFC -3.32%.
Net foreign selling today amounted to P384344606.75.
AP continued to advance today with exceptional volume despite getting sold down during the intraday to a low of 29.25 before recovering at the closing at 30.80 gaining 6.02%. Technical indicators are still showing positive readings.
AEV simply continued to consolidate today, closing slightly higher at 34.60 gaining 1.02%. There is a divergence in its momentum and rate of change suggesting further consolidation in the short term.
Every stock that I put on my watch list this week showed relative weakness and unstable footing.
continuation of price decline and/or consolidation suggests that one should avoid the stock for the mean time and/or until it shows a clear cut signal/confirmation.
AP is up by 13.78% within fifteen trading days with doubled up position.
AEV is up by 45 centavos within five trading days. Break-even at 35.07.
