Technical analysis is the only way to measure the emotional component of the market. We know that many times an ounce of emotion can be worth a pound of facts. How else to explain the sudden shift in the market without a change in the fundamentals?
-Steve Nison
Wednesday, November 24, 2010
Technical Analysis
Personal Disclosure
The market continued to slide today, losing as much as 84.86 points during the early today before recovering at the later part of the session, losing only 22.81 points at closing. The market closed at 4124.54, lower by 0.55% from yesterday.
The market is now hovering above the psychological support at 4000. A bounce a from there would suggest the resumption of the uptrend. If it breaks 4000, it should hold at the previous high of 3896 levels.
SMB finally took a breather today after going up for the past 9 days straight, reaching an all time high of 31.90 before heavy profit taking occurred, pushing the stock down to a low of 22.50 before recovering some points, losing only 7.58% at the closing at 25.
AP recovered and closed strongly today, opening lower at 32.45 before closing at 33.95. Rising method candlestick pattern(bullish) was completed today plus bullish engulfing would suggest further advance in the short term, probably up til early next week.
AEV also recovered today, closing strongly at 38.50. Latest candlestick formation and momentum/roc are suggesting advances in the short term. However, there is a bearish divergence seen on its MACD suggesting that the next upswings wouldn't be as strong as before. Anyway, better watch out for bearish confirmations before taking profits.
AP personal target: P35
AEV personal target: P45
AP is up by 25.42%% within twenty-three trading days with doubled up position.
AEV is up by 9.77% within twelve trading days.
The market is now hovering above the psychological support at 4000. A bounce a from there would suggest the resumption of the uptrend. If it breaks 4000, it should hold at the previous high of 3896 levels.
SMB finally took a breather today after going up for the past 9 days straight, reaching an all time high of 31.90 before heavy profit taking occurred, pushing the stock down to a low of 22.50 before recovering some points, losing only 7.58% at the closing at 25.
AP recovered and closed strongly today, opening lower at 32.45 before closing at 33.95. Rising method candlestick pattern(bullish) was completed today plus bullish engulfing would suggest further advance in the short term, probably up til early next week.
AEV also recovered today, closing strongly at 38.50. Latest candlestick formation and momentum/roc are suggesting advances in the short term. However, there is a bearish divergence seen on its MACD suggesting that the next upswings wouldn't be as strong as before. Anyway, better watch out for bearish confirmations before taking profits.
AP personal target: P35
AEV personal target: P45
AP is up by 25.42%% within twenty-three trading days with doubled up position.
AEV is up by 9.77% within twelve trading days.