1. PSEi

A false breakout over 7,001 was followed by a breach of the 10-day moving average at 6,961, indicating that short-term trend followers should lock in profits.

The PCOMP’s 50- and 200-day moving averages are respectively 6,703 and 6,689. Due to the clustering of these two critical moving average lines, this is an essential level to monitor. Additionally, the 38.20 percent retracement is located at 6,688. A break below the 38.20% retracement level often results in a test of the next Fibonacci level at the 50% retracement level, which is 6,572. The next chart levels of support are at 6,631 and 6,576. The gap at 6,917 is a barrier.

Resistance (1): 6,835
Resistance (2): 6,917

Support (1): 6,631
Support (2): 6,576

Strategy: Watch 200-day MA at 6,689

2. SM

SM breached a critical support level of P984.00. Additionally, the 200-day MA (P980.00) was breached. Bearish chart breakdowns are evident. The most important Fibonacci retracement levels are located at P953.50 (38.2% Fibonacci retracement) and P936.00 (38.2% Fibonacci retracement) (50 percent ). The trend is negative, since the stock is trading below its 200-day moving average.

Strategy: Cut loss


ACEN’s vibe of invincibility was shattered as the stock fell below its 10-day moving average (P8.65) in a rapid turnover. Short-term trend-followers were forced to sell as a result of this. P8.11 and the 50-day moving average at P7.87 are support levels while P8.49, 8.80, and P8.97 are resistance.

Strategy: Take profits

4. ICT

ICT investors may want to consider locking in profits. A false breakout occurred, and the RSI is displaying a bearish divergence. At P164.10, ICT also dropped below its 10-day MA. Given that the 50-day MA is still a long way away at P152.15, it seems sensible to take protective action. P158.50 and P155.30 are the immediate chart supports.

Strategy: Take profits


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