SCC closed nicely today and off its low. If its able to continue with its ascent in the next few days, 207-208 (which incidentally is the 130day EMA) would be the higher low set up I was looking for relative to 204. Could it finally muster enough momentum to finally break 220 convincingly this time around? I would average up on my positions if 220 is broken but if it holds, I would be a seller. Note that MACD suggests that we're still in consolidation mode.
CPM seems to be slowly gaining volume and momentum. Its 1.91 intraday low (also its 16 day and 130 day MA) was well supported. Next psychological resistance is 2.00 followed by its previous 2.15 high.
PSE was barely able to defend 4,300 today closing .53 below it. MACD however already gave off a sell signal. With euro dropping and futures 3 digits lower as of this writing, we might potentially see PSE following thru on its breakdown by tomorrow. If it does, I would be on the sell side for all my positions in the green to protect profit and further tighten my stops on newly entered positions just to preserve capital. I can always buy again when overall sentiments are better. My strategy would be totally different though if I'm playing purely the 3rd liner / ceiling game. I actually have small positions on some. You'll know your basura positions are too much when you're already losing sleep over it; just keep it manageable and above all, faithfully follow your cutloss points.
Good luck with your trades!
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.
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