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The Phisix daily chart
updated every Fridays, last update -
3/5/2010
Rebounding Off its
Lows at 3034, Poised to Test 3133?
charts are courtesy of Metastock
Legend:
blue lines - range for Tsupiteros
dotted blue lines
- range for Position Traders
red lines - important trend lines
| Short-term Traders/Tsupiteros: |
Medium-term/Position Traders: |
| Support - 3034 |
3000 / Support - 2787 |
| Resistance -
3133 to 3150 |
Resistance - 3133 / 3350 |
| Trend -
Up |
Trend -
Sideways to Up |
| Recommendation -
Buy |
Recommendation -
Hold as long as support at 3000 holds |
Trading today started very late at
10:30 a.m. due to a glitch in the computers of the PSE but that didn’t
stop the market from rallying by 35 points and confirming that its
support has held. Although value turnover was a healthy P2.6 billion,
trading was a bit lackluster today with only a handful of small caps
moving. Of the P2.6 billion value turnover, P930 million actually came
from just TEL alone. I don’t know if the late start of trading had
something to do with it or, maybe, all those who wanted to buy have
already bought and all those who wanted to sell have already sold. In
the US, a highly anticipated jobs report will be the main event tonight.
I think some people know about this and just wanted to wait the results
of this report before putting in more funds into the market.
Technically, the market appears to have already held above its support
and is now poised to make another higher high. If we follow the trend,
it looks to me like the market will test its 52-week high at 3133 in the
next couple of days. Will it be able to break above it? I don’t know.
Let’s just cross the bridge when we get there. I would only get worried
for the bulls if prices suddenly break below yesterday’s low at 3034,
otherwise, the market is still definitely trending up in all cylinders.
I sure hope Tsupiteros bought into the market today and just place
mental stops on the break below the 3034 level. Position-traders, on the
other hand, are now recommended to just hold and use a break below the
psychological 3000 level as your mental stop.
Notes:
Short-term
Traders/Tsupiteros vs. Medium-term/Position Traders: Recommendation
for short-term traders or Tsupiteros are meant to be used by traders
whose holding period are limited to one day to two weeks. Medium-term or position
traders are meant to be used by traders whose holding period are two weeks
to three months. Long-term investors whose holding period is more than
three months should not follow these recommendations.
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