The PSE Index, 14 March 2012
The Philippine Stock Exchange index, PSEi, broke another record, as it closed at 5,050.99, (+45.24/0.90%) as US stocks rose overnight. Index gainers are Ayala Land Inc, ALI (P21.50 +4.12%) and Universal Robina, URC (P62.90 +5.45%). Market breadth was positive with 103 gainers taking over 78 losers; while 30 issues unchanged.
With the Index breaking new highs everyday, I think it would be logical to hold your stocks and let the bull run continue. Based from the chart below, our uptrend started last year, Dec 2011, when the tenkan-sen did a bullish crossover with kijun-sen. It seems like this run will continue for the rest of the year. I’m anticipating a higher index if the Philippines will be upgraded to an investment grade by Fitch Ratings S&P and Moody’s, this year… hopefully.
The next target is at 5,100, then 5,200, support is pegged at 4,980-4,900.
ORE or Nothing
Oriental Peninsula Resources Group (ORE) has closed on its all time high at P7.16. Though it formed a shooting star pattern, which is a bearish pattern, not good. On the side note, since ORE and NI are tandem stocks, ORE should trail NI’s price pattern, in my opinion. Nihao Mineral Resources, NI, is now at P11/share, do you think ORE will reach this level? You’ll have to wait and see. 😛
“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” –Jesse Livermore