Philippine Market not looking good1D TF
- A Pattern form a Symmetrical Triangle
- A higher probability of breaking below and targeting the Demand Block at a 22.49%
- It is my first time TA this chart and not really familiar with PSE
- it just got me interested and wonder where the price will go and what will be the directions of the Philippine Market
- I haven't invested in Philippine Market but way back in 2015 I bought around 50k pesos of Mutual funds and after 5 years my investment had a loss of 2%
- Definitely, not a good investment, I waited for 5 years and had a loss, and my confidence in the Market really tested me.
- Sold all my positions and until now I haven't bought back
- That is why i look for other alternative assets and that is why i found Bitcoin and look into Crypto Markets
- Currently my focus is Bitcoin Only
Pse
CNX PSUPublic Sector Enterprise has seen a Bearish Harmonic Deep Crab Reversal.
Currently near a support, if this fails to hold here @ 4270. If this fails to hold then the next major support for the sector is near 4100. Short covering would trigger above 4325.
This was one of the strongest sectors since MARCH revival with Govt plans to Divest stake in several of them, lets see what Govt does if the trend continues like this.
SBIN - LONG setupThis has been my fav stock in the PSU banks space.
Chart looks great on both Weekly and Daily charts. At a very critical stage right now and at resistance zone. Nice strong candle for closing and firmly up at the resistance zone, but RSI on both Weekly and Daily charts bullish and no where near overbought zones.
200 daily MA below should be strong support and positive trending stock.
Keep an eye on the whole PSU space for action.
IOCIOC looks too good for long-term forming ABCDPATTERN Target could be 220 add more at 75 stoploss will be 70
From funda side IOC is the second biggest player( if I'm not wrong) in ethanol production and allocated some funds for expanding it . And govt is taking initiatives for producing Ethanol as an alternative to gasoline .so IOC could benefit from it .
Long MEG from a 200-day EMA pullbackLooking at the weekly timeframe, the price is now above the 20-50-200 EMAs indicating a strong uptrend.
My stop loss would be 3.82.
I'll take my profits at 5.48, 6.00 and 6.83.
Good luck!
Looking for a reversal as RCB's MACD is above zero-lineDespite 2Q missed earnings and the Php1Bil fine for non-compliance with banking laws , I'll take my chances on RCB.
On a technical note, the MACD coming from a buy crossover, is now above the zero-line which indicates a stronger buy signal. Also, the YTD support at around 29.50 is looking strong. I'll have my stop at 28.75 (YTD low).
Good luck!