1. PSEi

On Friday, the PCOMP fell to a low of 6,745 as the delta variation spread threw doubt on the global reopening. There was a fake breakout over the 7,001 resistance. False breakouts are a sign of impending bearishness.

The index also broke the 10-day moving average of 6,961 points. This is an opportunity for short-term trend-followers to lock in profits. The 200-day MA is acting as a support at 6,668, with additional support levels at 6,745 and 6,631.

The gap seen at 6,917 is a resistance and the 10-day moving average (MA) at 6,961 is also a resistance. The daily RSI showed a negative divergence, indicating a bearish trend. There’s also a breach of the short-term support line, which is another indication to lock in gains.

Strategy: Watch Support Line

Resistance (1): 6,917
Resistance (2): 7,064

Support (1): 6,745
Support (2): 6,631

2. ICT

ICT slipped below the 10-day moving average which triggers a sell for short term traders. It may probably bounce at P147.60 which is the .3820 Fibonacci level. In the next coming days, watch the 50-day moving average as it may act as a support and an opportunity for bounce play.

Strategy: Buy if support holds.

3. WLCON

WLCON pulled back to its 10-day moving average after ascending to P22.10. It made a new high last week which is a sign of bullishness. The previous high which is at P19.00 should now act as a major support.

Strategy: Buy if support holds.

4. ALI

ALI managed to close above the major support level which is at P35.80. A break below this level may likely lead to test the support at 33.50. Resistance levels are seen at P36.05 and 37.40. The 200-day moving average may also act a support and if price closes below this, ALI will transition to bearish.

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