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Last night the Dow is up by 168.43 points or 1.36% due to easing concern from Greece and stronger US economic indicators. Although our index is getting overbought, this will probably push the price on Monday. However, %R is already at 100 level and RSI is nearing the overbought level. The price is also currently at the resistance of short term upward channel that will probably pull down the price to 4,300 level. Monday will very exciting.

                The same thing is happening with MPI, at 3.72 closing price, it already touched the ceiling of the short term rising wedge. 3.72 to 3.77 is very critical range, since at this price, the long term down trend channel (which started last November) could be broken. MACD above the “0” with a positive divergence indicates a buy signal and RSI is still at a good level. If there will be a good momentum on Monday, I will be adding more position as preparation for the long term down trend reversal.


 


 
 
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Since the class cannot liquidate MA, we decided to open this for bidding. The bid price started at 50% and closed at 67.++++%. I’m sorry if I made my Bids quite funny, but to tell you I’m serious with that. WHY?

When I checked the chart of MA last week, I noticed the Double Bottom Pattern and the MACD is now looking good. Yesterday, it broke the “0” or the signal line for positive divergence. RSI had formed its higher lows and the closed to 63% level. These are already a buy signal for me.

If you also plot the resistance and support, triangle was formed. The volume is also increasing that may push the price for the succeeding trading days. Yesterday, the price surged 9.3 % the finally broke the triangle.

I WIILL BUY MORE SHARES TODAY IF I CAN SEE MORE MOMENTUM.



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MPI - Metro Pacific Investment Corporation plunged 4.01% today due to so many bad news in US and Europe. What is clear right now is we are really affected by what is happening through out the world. 

But what the chart tells us. It is now clearer MPI is trying to form a "Symmetrical Triangle" both for short term resistance. The good thing is, if the market will close tomorrow either green or flat, we can expect a short term rally due to candle stick bullish indicator. RSI is also very oversold at 40.77.

The bad thing is if the bearishness continue, there will be a breakdown and the price might return to 3.2 level. I'm not sure with the time line but what I can say is there are still Hope, and Tomorrow is a Do or Die.

 
 
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Target Prices:
Short Term: 3.63
Mid Term: 3.77
Long Term:  4.4

I've been recommending Metro Pacific Investment Corporation (MPI) since April this year. Although the bull is interrupted by the dilution news, my target is still intact. Recent gap-up despite of the market sentiment could be the sign of uptrend continuation. Higher low has been formed with RSI at 52 level. This signifies high uptrend potential. The price slightly dropped after hitting the 50% Fibonacci resistance, but I'm very confident that hitting 3.63 price target will be easy. 

Support:

S1 - 3.43, S2 - 3.31

Resistance:
R1 - 3.63, R2 - 3.77

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Target Prices:
Short Term: 2.35
Mid Term: 2.84
Long Term:  3.5



Megaworld Corporation (MEG) showed some strength today after recent correction. Although, it failed the break the 2.18 resistance last June 1, the price is now trying to form an uptrend with a higher low together with its RSI. RSI is still not overbought at 46 level, thus a potential for more uptrend is is still high. I can say that currently, It is going to the 3rd wave of Wave C. 

Support:
S1 - 2.05, S2 - 1.93

Resistance:
R1 - 2.18, R2 - 2.27




 
First Post! 06/03/2011
 
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