NRCP - Trying to close previous gap down

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NRCP = 3.7 (1.3%)

Note previous gap down from 3.85-->3.7, which the recent trend or rally is trying to close. NRCP must close above the previous gap down to increase confidence that the trend is intact and the momentum is strong

Though NRCP formed a black candle the heavy volume may suggest that a lot of positions change hands --> beneficial change in ownership, hence, the low of 3.6 of the black candle may serve as a support since the supposed sell-off was not able to eat up all of the demand. Note that the same huge volume was present on 9/11 which NRCP never tested the low since.

Another resistance is being offered by the 65MA (3.75-3.8). NRCP must close above this level of resistance to continue its immediate trend.

Support: 32MA

Good luck to all NRCP traders!

Note: Citiseconline has a Target price for NRCP at 5.1, hope this level can be reached by this trend or rally. Before the subprime mess and credit crunch bruhaha... NRCP was one of the Top Picks of Citiseconline. It was removed because it broke support levels. Citiseconline promotes the use of both fundamental and technical analysis to make its top picks.

Disclosure: More than 1/4 of my portfolio is technically inside NRCP at an ave cost of 4.36... ouch! The only reason Im holding on is that my plan for 1/4 of my portfolio is to place it on one of the top picks of Citiseconline... and my pick was NRCP... It seemed like a good plan then because NRCP has a virtual monopoly in the reinsurance business in the Philippines. It was also hard to overlook that BRK A&B, the costliest listed US issue and run by super trader/investor and World's richest man Warren Buffet, are involved in reinsurance. Oh well, we turn to fundamentals when we want hope... but in the short term NRCP looks good.

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