Reversal Candidates

JGS gave a trending buy signal for today.
MPI about to give a trending buy signal. Signal is confirmed only on actual crossover.

*Did not put up a position in JGS. Waiting for a higher trough to form before getting in.
*Will not put up a position in MPI. Potential short/long term upside is the lowest among the selection.

Not a recommendation to buy.

Belle Corporation (BEL)

BEL Daily Chart



5-5.50 range good enough if you caught falling knives at 5.
10% possible upside for the dead cat bounce.

Enter short position after testing 5.50.

London Metal Exchange: Nickel

Nickel Prices Update:




CASH BUYER 28,700.00
CASH SELLER & SETTLEMENT 28,705.00

Since when I started to post the graph of nickel, nickel prices in the world market has gone up by 6.29% from 27000 last February 1

Link of the initial post: http://the-morningstar-option.blogspot.com/2011/02/nickel-price-graph.html

The target of the inverted head and shoulder pattern on the chart at 28500 has already been surpassed it coincidentally falls within the size of the possible upswing from the start of the move up to the break out point.

With this being said, Nickel prices in the world market could probably start correcting.

However, basing from the previous pattern, the upswing after the breakout has exceeded the inverted head and shoulder pattern by 25% more.

With that in mind, nickel prices still have a possible upside of 6300 per tonne.

Just my wild imagination!

*Ninja Edit:

Nickel is currently trading at $13/lb, higher by 6.12% since February 1 at $12.25/lb.

Nickel has risen by 13.92% from its 2010 price level.

Crazy forecast for nickel is it could reach a high of $16/lb.

Catching the big fish.

The market hardly moved today, closing lower by 1.55% on a slightly higher turnover value. Looking at the candlestick pattern of the index, a strong upswing will turn the market around for the short term.

Gainers with significant volume today are DFNN which continued to hold its gains from yesterday, gaining another 9.79% today. Other gainers with significant volume are LCB +3.49%, CMT +3.27%, NIKL +3.16% and SMC +2.95%.

Major index losers are SM -3.48% and AC -2.20%.

I totally missed the trade in DFNN since, well, I wasn't really observing non-marginable stocks for now. I am trying to look for/trade issues with consistent and sustainable trends.

AGI is looking good and it seems like it is poised to break 12 in the short term.
Symmetrical triangle pattern visible on the 5-minute chart was broken with breakout point at 11.80. Target is at 12.24. Closing is seems pretty strong too so breaking the barrier at 12 is very possible.

NIKL Continued to advance today, registering a new high at 23 before closing slightly lower at 22.85. 23 is jammed pretty good today but once it's taken out, it could still go higher in no time. The time that it would actually reverse and go south is when there is nobody is willing to buy higher. Until that day, enjoy the profits and follow the trend for a stress-free trading.

SMC seems to be poised to breakout at 185 so I opened up a position before the closing. I could probably made a mistake as the 5-min chart looks weak somehow.

I opened SMB intraday charts(5-min) by mistake but then I saw an ascending triangle pattern pointing at 35 as target.

The net has been cast so let's wait to catch some big fish.

Worth the time to watch this:

http://www.guerillastocktrading.com/lessons/im-a-jerk-which-stock-chart-is-better-part-2

It's like attending a seminar, for free!
(Copy-paste the url, blogger can't seem to put up a direct link to websites).

Intraday random rumbling

Betting a surge of buyers will be in line once 23 is taken out (NIKL).

AGI will breakout once 12 is taken out.

Meralco (MER)

Shorting 1000 shares at 218 if 220 is broken down.

Charts later.