The initial target for SMCB based on my technical analysis has been achieved but it never means that the stocks are not going up anymore in the short term. Click image to enlarge!
Archives for September 2008
Stock Market: Despite the huge 344 point (2.99%) drop in the US market last night, there are still a chosen few that went up today and that is the SMCB stocks. Technical analysis -wise, looking at SMCB‘s 20 year chart in the first picture, it can be seen that it’s consolidating around it’s major support at present. Also, a rectangle can be spotted right away as indicated by the 2 red horizontal lines. The price is consolidating around the resistance (topmost red horizontal line) of the rectangle as of the moment and is possibly trying to breakout from the chart pattern. An ideal entry for this is when the price pierces thru its resistance line. And if it does, the immediate target price would be 57.5 if everything goes well. Click image to enlarge!
The downtrend of DMC for the past months has possibly come to an end since it’s now starting to move sideways. Buying the stocks at its current price is is a good strategy because the 4 year support as indicated by the violet line has so far been respected. Let’s see how the overall stock market will respond this
Stock Market: APC has been going down for months now and it decided to move sideways as seen in the chart. Based on my Technical Analysis, there could be a inverted head and shoulders chart pattern forming and this could be confirmed by the breakout from the neckline at 0.43 Philippine Peso along with a huge increase in volume.