PSE jumped almost 1.5% today and followed thru on yesterday's break of the 4,400 resistance line and did so in broad fashion with advancers heavily outgunning decliners. Next stop is the index' all time of 4,550 after which will already be uncharted territory.
After going thru a healthy consolidation while respecting the one year uptrend line, LC continued with its ascent today; closing well off its short term 16day SMA. MACD buy signal is now facing up and looking for a cross up either tomorrow or Friday. Next major resistance is its previous high of 1.82 which when broken will confirm a cup and handle breakout. As long as the one year uptrend line is intact, LC will be a buy the dips.
BDO is another stock that continues to respect its 6 month support line. Looking at the upward channel, we can see a huge potential upside. Cutloss points can be set around 58.50 (16day SMA) just to give enough allowance for volatility in case prices drop below the channel.
MAB managed to hold onto to its gains today after breaking out from a minor consolidation yesterday. Prices in the bigger picture are still within a larger consolidation between .59 and .68. If you were able to buy at around the .59 to .60 level, then you have the option to range trade this and sell near .68 resistance. Just buy back if prices do breakout out of .68 with good volume. Bollinger band is on the verge of narrowing again which suggests that the breakout move from consolidation may happen soon.
ORE tried to breakout today from short term consolidation but hesitated just below its 6 month uptrend line. However, its increased volume + expanding bollinger band + impending MACD zero-line cross up all sum up a possible upside breakout. If you still don't have positions for ORE, buy when prices breakout and move above the uptrend line or if breakout fails, just buy when price goes back to the lower price range.
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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