MIC 1:1 stock rights offering and flag/pennant formation
Multitech Investments Corp.
Date : 09/20/2007
Listed firm to conduct 1:1 stock rights offering
Publicly listed Multitech Investments Corp. said yesterday (19 Septmeber 2007) that it would offer 8M new common shares to its shareholders to raise funds for its plan to acquire mining tenements. In a disclosure to the PSE, corporate information officer Ana Maria A. Katigbak said the company would allow shareholders to buy one share for every share they already hold. The subscription price, she added, would be at the par value of P1 per share.
MIC = 5.7 (0.0%)
There is a lot of interest in MIC this trading day. This is not only because it is the stock pick of most of the respected technicians kind (and brave) enough to share with us their valuable analysis and expertise. As a technical analysis enthusiasts, we can see that there is a 2-day pole made when MIC broke out of its resistance at 5.2 with big volume. After which MIC tested the support at 5.2 (which was the previous resistance) and managed to close above its open. Good things seem to be coming for MIC.
Today's MIC trading somewhat disappoints me. I was surprised that during the morning attack MIC shot up to reach 6 with no signs of letting up. So i posted a buy at 5.8 and waited in line. I checked out other issues that were testing and breaking their resistances. Some would say that today is "Basura day". I then checked my portfolio and was pleasantly surprised that I was done at 5.8, I then checked the bid and ask spread for MIC... the reason was evident... I was done because MIC was being traded at 5.7-5.8... greedy for the target price of 6.6 that I am, I got more at 5.7 even though the price movement for today was looking like a gravestone (a candlestick formation that signifies the top of an uptrend or rally). At the close, it did form a gravestone-like candlestick. Which leaves me to ponder whether picking up MIC is a good trade for the day...
Supports:
- since there was a gap up, 5.5 might be a support level
- since price crossed above the 130MA (5.4/5.3) it could be a support level
- since it broke out, 5.2 is a support level
Resistance: 5.9/6, 6.6/6.7 (65MA)
Target price: 6.8 (kindly refer to www.tarantrader.blogspot.com for a detailed discussion about the flag formation)
Disclosure: Bought at 5.8 and 5.7
Date : 09/20/2007
Listed firm to conduct 1:1 stock rights offering
Publicly listed Multitech Investments Corp. said yesterday (19 Septmeber 2007) that it would offer 8M new common shares to its shareholders to raise funds for its plan to acquire mining tenements. In a disclosure to the PSE, corporate information officer Ana Maria A. Katigbak said the company would allow shareholders to buy one share for every share they already hold. The subscription price, she added, would be at the par value of P1 per share.
MIC = 5.7 (0.0%)
There is a lot of interest in MIC this trading day. This is not only because it is the stock pick of most of the respected technicians kind (and brave) enough to share with us their valuable analysis and expertise. As a technical analysis enthusiasts, we can see that there is a 2-day pole made when MIC broke out of its resistance at 5.2 with big volume. After which MIC tested the support at 5.2 (which was the previous resistance) and managed to close above its open. Good things seem to be coming for MIC.
Today's MIC trading somewhat disappoints me. I was surprised that during the morning attack MIC shot up to reach 6 with no signs of letting up. So i posted a buy at 5.8 and waited in line. I checked out other issues that were testing and breaking their resistances. Some would say that today is "Basura day". I then checked my portfolio and was pleasantly surprised that I was done at 5.8, I then checked the bid and ask spread for MIC... the reason was evident... I was done because MIC was being traded at 5.7-5.8... greedy for the target price of 6.6 that I am, I got more at 5.7 even though the price movement for today was looking like a gravestone (a candlestick formation that signifies the top of an uptrend or rally). At the close, it did form a gravestone-like candlestick. Which leaves me to ponder whether picking up MIC is a good trade for the day...
Supports:
- since there was a gap up, 5.5 might be a support level
- since price crossed above the 130MA (5.4/5.3) it could be a support level
- since it broke out, 5.2 is a support level
Resistance: 5.9/6, 6.6/6.7 (65MA)
Target price: 6.8 (kindly refer to www.tarantrader.blogspot.com for a detailed discussion about the flag formation)
Disclosure: Bought at 5.8 and 5.7
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