I think you'd all agree when I say, "What a great market!" Our index followed through on its gains from yesterday, rising 40 points to close the day at 4,381. Before we get too excited, notice that the momentum is slowing down. This, of course, is in a very short-term basis. Yesterday, we were up 70 points; today, 40 points. Intraday, we gained only 26 points as we gapped up 14 points. My point is, I see the index possibly resting a bit as it moves closer to 4,420. Next resistance may be found at 4,650.
Individual issues are a bit mixed. There are some stocks that look toppish in the short-term, like MPI and AGI, while there are others that just broke out like VLL, RFM and BEL (with respect to 2.45 resistance). Some are still bottoming out, like EDC and PX. There are so many stocks right now that look yummy. So in case you are a bit frustrated or impatient since you weren't able to buy, know that there are actually stocks out there with a good upside but haven't begun to trend up yet. I'm referring to the likes of EDC and PX. Of course, you'd have to wait a little while with those kinds of stocks as they haven't found momentum yet. What they do offer is a low risk entry, assuming their respective support levels hold. :)
I haven't posted anything in a few days. So, what have I been up to lately? Well, last week, I sold my JGS, as planned. Too bad it went up the next day! Haha! Anyway, fine by me. I think I mentioned the other day that I shifted to PX. As it turns out, I got whipsawed there but along the way, I was also able to buy MBT. Too bad I wasn't able to complete my whole order. I hesitated yesterday as it broke out with low volume. Today, prices confirmed that that breakout was legit, afterall. It's too late for me to try and chase prices now, right? So, I'll sit this one out. I also sold my DMC yesterday at an average of 38.80. I shifted to BEL (bought at 2.41) and completed my line for VLL. Today, I bought more BEL at 2.52 and 2.54.
I remember last month, I averaged up on BEL when it spiked last October 12. That was time it went to as high as 2.56 in reaction to some news. It retraced from that high to around 2.50. I bought at 2.52 thinking this was just a reaction before resuming its uptrend. Apparently, it failed to bounce from there. BEL closed at the lows at 2.36. What a calamity! I was generally bullish so I didn't sell but think about it, instant paper losses! So, this morning, when BEL retraced from its high of 2.60 to around 2.50, I said, "Shit, deja vu?!" Hahaha! So, I cut my buying. I first bid BEL up at 2.52 and observed if someone will follow. Somebody did! It still traded within a range though so I let it be. I noticed though that while other stocks were breaking below their intraday support, BEL didn't. I bought when it broke above 2.53. Looking at the daily chart now though, BEL is still trading within a range. Since it went up too fast fro its low of 2.30, I see a possible consolidation around 2.60 before the eventual breakout. Just my biased opinion. LOL
12 comments:
grabe I still don't know how you do it! always buying a day before a strong move. keep it up!
pati illiquid na cybr you nailed it! retrace then poom! hahaha!
Hahha! Thanks.. :) Actually, matagal tagal ko rin hinintay ung VLL and BEL ko ah. Then my recent buys are sort of breakout buys since I already bought before momentum developed. Mmm... remember genkumag's 5-day up? My ideal entry is something like that but I don't use MA just price. Haha!
Wala naman nangyari sa CYBR eh! ;P Range parin. Di nga naghold ung support dapat. Kaya ayaw ko ng mga ganyan eh. Wala pa silang buhay. Wait for them to rise from the dead.. :D
And don't forget to mention the lines, Harley! Ang tiyaga! I could never draw such meticulous yet meaningful lines! Nice! :)
Btw, what's up with VLL? Would either of you know what's driving soo much interest in the stock lately? Still, as they say, ignorance is bliss. Baka mapa-benta pa ako ng di oras pag malaman ko kung baket. Hihihi.
don't know either but price action is bullish :) si Hunt, tagal ng meron nyan!
Hahahah! :P Thanks, Gen! :D I don't know what's up with VLL either. I agree, ignorance is bliss. I read in a forum though that they're asking Angping to jockey it? I don't know why or if this is really true. Frankly, I don't care. Maguguluhan lang ako. Hihihi! :P
I just know that VLL had a failed descending triangle. The consolidation it made was my entry point. I remember this happened in PNB, BEL and EEI before. I was just following the formula. :D
No consolidation for you my dear! Congrats! haha
there's no 'failed' descending triangle coz it broke upward. descending triangles just often breaks downward, that's why 'old book' chart pattern traders view them as bearish.
but if you keep an open mind, don't get locked into any specific train of thought, and wait for an upward breakout, this triangle often gives a very handsome reward than the ascending and symmetrical triangles.
"Trade what you see and Not what you think"~~ Joe Ross
That's exactly it, ddemmon. It failed to break downward and the potentially bearish descending triangle didn't materialize. There is a sudden change in sentiment from a bearish one to a very bullish one. I've seen this before and I was willing to bet on it. I'm not so much a breakout trader so I completed my first buying before the breakout. This is my way of anticipating price movement. Buying on breakout is a reaction. I try to anticipate. It's my trading style. In the event it failed though, of course, I'm not scared to cut my losses.
Hahah! Thanks Sam! Hmm... Baka next week ung consolidation? :P
very observant. good call christina! :)
Thanks, Abi! :)
Post a Comment