Updates:11pm 2-16. I have now moved my stop loss at my entry price of 90.12 to prevent further loss.
Updates:10pm 2-17. My stops placed at my entry price was hit. This trade was break even.
The USD/JPY of the forex market in the 1-hour time frame (left image) shows an uptrend. Looking at the 3-hour time frame (right image) however changes the whole picture, instead of an ascending price channel, we might be seeing a rising wedge. Despite USD/JPY’s unpredictable direction, it’s still a good currency pair to look at since a break out from the downtrend in the 3-hour chart is a good buy and a breakdown from the possible rising wedge on the other hand would be a great time to short sell.
Phoenix Petroleum (PNX) of the Philippine stock market has broken out of the major resistance line (green dotted line), indicated by the red circle, as seen in its stock chart. A sudden increase in its stock value will be highly anticipated. Merry Christmas!
Lodestar Investment Holdings Corporation LIHC of the Philippine stock market has broken out of a major resistance line. The upside looks bright!
The ascending triangle chart pattern of Banco De Oro (BDO) as for my technical analysis was still premature during my last post on it since it was just forming. Now, it looked like to have set up a better ascending triangle (indicated by the horizontal and diagonal line) and more likely to breakout soon. The price to break is at 36.5 and once it does with heavy volume, an easy 41 pesos per share will be achieved. Click image to enlarge!
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!
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!
A technical analysis of the PSEi chart: Is the Philippine Stock Exchange main index gonna continue heading up?! Can’t really tell… All I can say is that there seems to be a small symmetrical triangle chart pattern being formed (indicated by the red circle) and it can be bullish or bearish. Click image to enlarge!
Among many choices in the stock market that already have gone up after the market crash, there are still that haven’t and one of them is MUSX Corporation (MUSX). In the picture, the stock has been consolidation sideways for months and seems to be forming an ascending triangle chart pattern (indicated by the red diagonal lines). Once the price breaks the resistance line (top red diagonal line) with heavy volume, a minimum of 0.17 pesos per share is achievable as for my technical analysis. Click image to enlarge!