Tyro Trader's Analysis - July 29

Our PSE is really in a world of its own. Almost all markets were down last Friday and yet our index was up. DOW also closed by almost another 100 points at the back of the lingering debt crisis. Aug 2 is the critial date for all markets since that's when the decision will be made whether or not to increase US' debt ceiling.

I noticed though that most of the stocks i've been following are technically heading towards the tail end of consolidation or are about to make their respective big moves. Could the Aug 2 decision actually be the trigger?

Semirara Mining (SCC) closed last Friday with a long tail (i.e. closing price was way above its lows) and in the process respected its uptrend line. Huge volume also signifies that alot of sellers were absorbed by willing buyers especially when it hit the P223 low. Note though that the DMI did set off a sell signal. As such, we will need to see a follow thru buying on Monday in order to negate the sell signal and confirm that P223 is the short term low. If indeed it does rally, P240 would be the next resistance.

Lopez Holdings (LPZ) proceeds to trade within the symmetrical triangle. Last Friday's movement actually hit the top and low end of the triangle's tightening apex. Big move continues to approach us. Just have your stops in place in case it goes south.

Robinsons Land Corp (RLC) continues to respect the uptrend line of its ascending triangle formation. Its just sitting a tad below its immediate resistance of P13.44 then followed by P14.00. We see the DMI also pointing opposite each other (refer to the green and yellow lines) which suggests that the uptrend will continue.

Aboitiz Power (AP) also continues with its own ascending triangle. We're also almost at the tip of the pattern with P33 being the critical price to break. If broken with volume, we could be looking at its 52 week high of P36.90 as the next resistance.

Good luck with your trades as always!

All charts courtesy of citiseconline.

Disclaimer: My above analysis are just that: analysis. I am in not in anyway soliciting for you to buy or sell any security issue. The only person accountable for the trades you make would be yourself and I cannot be held liable in any way for the same.