The Philippine Stock Exchange Index
The PSEi closed lower on Tuesday, April 19, which was affected by Dow’s Monday drop. Although there’s a sudden plunge down on PSE on the opening of the bell, local stocks managed to climb before 10AM at 4,260 but faded until closing at 4,245.21 (-23.98 points). The mining (+2.87%) and holding (0.11%) sectors were Tuesday’s gainers, other sectors remained in the red.
PNOC, MAB, LC, LCB, PX, MA, SCC led the gainers on Mining & Oil Sector.
DMCI Holdings (DMC) target price has been hit at 47. If the strength continues, my next target is at 49 to 50. I’m ignoring the RSI since DMC’s chart is an uptrend, as I’ve learned from my friend Kevin (AtimidTrader.com) we only use RSI for sideways market, not on up/downtrend.
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Featured Stock: SCC
Semirara Mining Corporation, (SCC) has gained significantly on Tuesday. Local brokers bought up SCC while foreign brokers, namely, Deutsche, Macquarie and JP Morgan were net sellers. After dropping below the 60-Day Moving Average, it’s now trying to inch up a little. I’ve been waiting for SCC to rebound since it dropped drastically on 13th of April. It’s previous high was P244/share. My Target Price for SCC will be its previous high at P244/share, then P265/share for the medium term. My stop loss is at 200. I used Fib retracement and Fib Arc to get my target price, you may refer to my chart below
Have a blessed Holy Week everyone… 🙂