Philippine Stock Exchange Inc (PSE:PS) Extends Rally

Philippine Stock Exchange Inc (PSE:PS) Extends Rally

The stock market Thursday extended its rally, as investors tracked another strong lead from Wall Street, with fresh upbeat US data reinforcing optimism in the global outlook, overshadowing simmering trade concerns.

The Philippine Stock Exchange Index surged 114.17 points, or 1.5 percent, to 7,803.31 on a value turnover of P6.9 billion. Gainers beat losers, 119 to 77, with 45 issues unchanged.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 212.87.

The projected lower bound is: 199.78.

The projected closing price is: 206.32.

Candlesticks

During the past 10 bars, there have been 0 white candles and 5 black candles for a net of 5 black candles. During the past 50 bars, there have been 4 white candles and 29 black candles for a net of 25 black candles.

A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 70.1755. This is not an overbought or oversold reading. The last signal was a sell 0 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 38.57. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 5 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 30. This is not a topping or bottoming area. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 7 period(s) ago.

Rex Takasugi – TD Profile

PHIL STK EXCH closed up 0.200 at 207.000. Volume was 89% below average (consolidating) and Bollinger Bands were 20% narrower than normal.

Open High Low Close Volume___
207.000 207.000 207.000 207.000 1,290

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 206.10 219.12 232.96
Volatility: 15 19 18
Volume: 1,194 4,350 11,556

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

PHIL STK EXCH gapped up today (bullish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
PHIL STK EXCH is currently 11.1% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of PSE.PS at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on PSE.PS and have had this outlook for the last 51 periods.

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