As a request from a finance dude who happens to be the author of this blog cianoyinthephilippinestockmarket.blogspot.com/, I have posted my technical analysis on the stock charts of 3 blue chips in the Philippine stock market, particularly Meralco (MER), PLDT and San Miguel Corporation. The one-year time frame of Meralco stock chart shows the uptrend is still intact (PLDT and San Miguel are on seperated posts, scroll down to view it) since the price hasn’t gone below the support line (purple dotted diagonal line) however there seems to be a descend in price from the previous trading days (indicated by the green dotted diagonal line). A break in the support line is possible or a bounce back up. The stock price moving sideways should also be considered. Looking at the MACD on the other hand, there is a weakness shown as a crossover is made between the red and blue line (indicated by the red circle). Personally, I won’t touch this stock as of the moment or if I do my cut loss will be set below the support line. Click image to enlarge!
Archives for October 2009
An end in the uptrend of San Miguel Corporation (SMC) stock chart occurred after the price went below the support line (purple dotted diagonal line) in the 1-year time frame last month. Prices didn’t go down but chances are higher that it could. I don’t see much activity with San Miguel of the Philippine stock market so I’ll just wait for the price to consolidate and create another trend or chart pattern before buying as for my technical analysis. Click image to enlarge!
Nearly 5 months have passed since my last post about Union Bank of the Philippines (UBP), it was still prematurely forming the cup and handle formation (indicated by the red lines) in the stock chart. However, as we can see now, it broke out from a cup and handle chart pattern last August and achieved its target price of 32 Philippine peso per share 2 weeks ago. Click image to enlarge!
Citiseconline, one of the biggest online stock brokerage company in the Philippines stock market, has its stock chart forming a bullish pattern. We can see a potential symmetrical triangle chart pattern (indicated by the red diagonal lines) in the picture shown. Once the price closes above the resistance line (topmost red diagonal line) with heavy volume, 12.5 is easily achievable. Click image to enlarge!