My take on PX being well supported at the P13.75~P14.00 levels did bear me some fruit today, as yesterday’s touchdown at the P13.50 low was indeed the retracement I was looking for. For the days to come, I expect strong resistance at the P16.50~P16.75 levels (at best), for those who were able to catch PX knives , the said levels could be the area where you could dart them out.
PX’s P1.25 climb to P15.25 yielded +10 PSEi pts, and contributed to 543 pts to our mining index. But curiously so, PX’s climb failed to rub off to other mining counters with only CPM being the lone one which is just marginally higher.. Erstwhile favorite NIhao not only failed to climb, but even broke down of its recent P6.50 supports. With the break, next support for Nihao is the P5.80 (previous all-time high)…
Nothing much today except for continued banking sector strength.. MBT already confirmed its break-out status joining BDO and RCB.. Though with RCB’s RSI being high and with the P20.00 psychological level just around the corner, I am expecting some consolidation, but if it were really strong, this should hold very well already at break-out point of P18.25.
Failing to join MBT, BDO, and RCB still is my banking bet – PNB. With a force close of P26, the confirmed break for PNB to me is a truck load of buying at the P26.50 levels.. If it can do that, THEN I do not see any problem for this counter to break out of its recent P22.50 to P26.00 range… I am personally targeting P34.00 (MAX) , hopefully everything pans out well.
The other stock that caught my attention was ANI, the closing of P26 of course is nothing yet to be happy about, as for this to really trend again, it still has to convincingly break P29.00… I am just wondering how it can do that with SB Equities non-stop selling..
Lastly, one stock not even worth mentioning is LIHC.. Hayy, as my dear friend SAN MIKO said it best , “Chucky slayed the monster again..” Today’s price action could signal the end of this recent rally, as the attempted break-out of P11.50 turned out to be a false break. Chucky stocks are just an unpredictable bunch.. but not that I am complaining as I was lucky enough to sell near the highs. Thanks, Sir Chucky. “sa ulitin”
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