Alot of bearish RSI divergences on the weekly charts. PSEi breakdown from support.
Hold your breathe and take the dive at 3800~
Friday, January 21, 2011
Sideways to down.
The PSEi did took the center stage as it lost another 1.38% in today's session, beating western and asian markets with the exception of FTSE. The index has also formed a new lower high and lower low in the short term and it has also broken below the previous low of 3953 - 2 points lower. The market might continue to move sideways in the intermediate term with a downward bias.
It's been a long time since I went red. Yikes.
Got faked out in APC because of the 23M bid at yesterday's closing. It has formed formed bearish candlesticks this week - Falling method followed by a bearish engulfing pattern. However, weekly chart is telling other wise - a long white candlestick and MACD buy signal so the weakness in the daily chart is probably a buy. For the past year, its weekly MACD buy signal works so I am still giving APC a week or two.
Also got faked in AGI. Weekly and daily chart looks very ugly. Should have taken whatever money it gave this week.
ELI started its recovery today. Spinning top after a decline would suggest sellers are losing control. ROC has also started to turn up so I am guessing it's about to advance in the short term. Weekly candlestick is showing a large doji which is bearish. Hopefully it opens higher this week.
NIKL is probably on correction mode.
Waiting for SCC to bounce before getting in. It seems like its going to consolidate in the short term within +/- 200 range.
AP seems to be forming a symmetrical triangle pattern(?). Also forming three stars in the south candle formations and RSI is back on its old support(39.59). Daily signs are mixed so I am not willing to bet on it yet.
Probably best to wait for:
1. Higher high (since it seems like to have formed a higher low already).
2. RSI bounce from 52 in the weekly chart.
All of the stocks that I am currently holding seems to have a normal bid/ask at the closing except NIKL which has 200k shares at 19.98.
RSI buy signal does seem to work on a 5-minute chart if the stock is range trading.
It's been a long time since I went red. Yikes.
Got faked out in APC because of the 23M bid at yesterday's closing. It has formed formed bearish candlesticks this week - Falling method followed by a bearish engulfing pattern. However, weekly chart is telling other wise - a long white candlestick and MACD buy signal so the weakness in the daily chart is probably a buy. For the past year, its weekly MACD buy signal works so I am still giving APC a week or two.
Also got faked in AGI. Weekly and daily chart looks very ugly. Should have taken whatever money it gave this week.
ELI started its recovery today. Spinning top after a decline would suggest sellers are losing control. ROC has also started to turn up so I am guessing it's about to advance in the short term. Weekly candlestick is showing a large doji which is bearish. Hopefully it opens higher this week.
NIKL is probably on correction mode.
Waiting for SCC to bounce before getting in. It seems like its going to consolidate in the short term within +/- 200 range.
AP seems to be forming a symmetrical triangle pattern(?). Also forming three stars in the south candle formations and RSI is back on its old support(39.59). Daily signs are mixed so I am not willing to bet on it yet.
Probably best to wait for:
1. Higher high (since it seems like to have formed a higher low already).
2. RSI bounce from 52 in the weekly chart.
All of the stocks that I am currently holding seems to have a normal bid/ask at the closing except NIKL which has 200k shares at 19.98.
RSI buy signal does seem to work on a 5-minute chart if the stock is range trading.