EDC - losing some momentum

EDC = 7.4 (1.3%)

EDC might be seeing some resistance at 7.4 after failing to produce higher highs and might be seeing some support at 7.2.

Note EDC steep demand line still intact but might be tested today... careful

Note EDC trading above 32,65,130MA.

Support: 7.2/7/6.9
Resistance: 7.4/7.7/7.8

Good luck to all EDC traders!

PAX - gap up, bullish and looking for resistance

PAX = 13.5 (5.9%)

PAX gap up, moved above 32MA and seems to be testing resistance at 14.

Resistance: 14/15

Support: 13

Good luck to all PAX traders!

FLI - gap up

FLI = 1.94 (7.8%)

FLI gap up of long white candle -> probably bullish :)

Resistance: 1.96/ 1.98-2.06 (previous gap down)
Support: 1.84 / 130MA

Good luck to all FLI traders!

PX - bullish engulfing

PX = 9.4 (4.4%)

PX looks like a bullish engulfing pattern after a short period of consolidation :)

PX after a probable healthy retracement looks to test new highs.

Resistance: 9.7
Support: 8.9

Good luck to all PX traders

MER - looking for support

MER = 80.5 (2.4%)

After breaking the bullish demand line MER continues to form lower highs and lower lows... looks like MER is trying to look for a support level.

Careful MER traders...

Resistance: 32, 130, 65MAs
Support: 75.5 (?)

PA - bought at 0.24

PA = 0.22 (-6.4%)


Bought PA at 0.24 with my brand new broker :) thank you broker M :)

PA formed black candle but with a higher high and higher low. Momentum might still be bullish but not as strong as was first indicated by a long white candle.

32 MA acting a support.

Resistance: 0.24/0.28

Good luck to all PA traders!

Disclosure

Bought PA at 0.24 today...

Day trading notes

Sold I at 5.6 looks like heavy volume at 5.7/5.8/5.9
Got GEO at 2.85, got some more at 2.8, got some more at 2.75... will get more if close above 2.8... might post GTC at 2.75... nako... na in love yata ako kay GEO
GEO higher high, possible break of resistance at 2.8, volume needs to be bigger that 158M
RLC higher high, forming support at 20.5, possible break of resistance at 21
AC higher
PX lower low
SM lower low
MER lower low, possible break of demand line, support at 82
COL lower low
MBT lower low
ALI lower low
IPVG lower low, possible break of support
PA higher high

OMW2

OMW2 = 0.011 (15.8%)

OMW2 seems to be forming an aggressive demand line, hopefully it will test previous high of 0.015

Resistance 0.011/0.015
Support: 0.085/0.08

Good luck to all OMW2 traders!

SM - forming a support at 402.5

SM = 402.5 (0.6%)

SM seems to be consolidating and forming at support at 402.5, i hope this support holds :)

Ressitance: 410/417.5
Support: 402.5 (hopefully)/390

Good luck to all SM traders!

OM - higher high with big volume

OM = 0.015 (0.0%)

OM formed higher high and higher low to test resistance at 0.015. Starting to become bullish?

Resistance: 0.015
Support: 0.013

Good luck to all OM traders!

NI - testing resistance at 27 with big volume

NI = 26 (11.8%)

NI formed a white candle with big volume to test resistance at 27.

Resistance: 27
Support: 23.5 (?); 32MA

Good luck to all NI traders!

GEO - still consolidating

GEO = 2.7 (1.9%)

GEO still consolidating and testing resistance at 2.8

Might be a buy when it breaks resistance

Resistance: 2.8
Support: 2.5

Good luck to all GEO traders!

PNX - gap up with volume

PNX = 8.6 (6.2)

PNX gap up to close at 8.6 with significant volume.

Might test resistance at 9.

Resistance: 9
Support: 8.5/8.3

Good luck to all PNX traders

RLC - resistance at 21

RLC = 20.5 (-2.4%)

RLC higher low but lower high. Looks like there is resistance at 21.

Resitance: 21
Support: 19.75

PSEI

PSEi = 3185.22 (-1.2%)

PSEi seems to be forming an aggressive supply line and formed a lower low and lower high yesterday.

Support: 3775/3776
Resistance: 3861/3896

NY oil price bursts through record $88
Agence France-Presse
Last updated 00:53am (Mla time) 10/17/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=94884

US stocks tumble as oil prices shoot up
Agence France-Presse
Last updated 07:20am (Mla time) 10/17/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=94931

10-yr T-bond rate drops to 7.113%
By Michelle Remo
Inquirer
Last updated 05:01am (Mla time) 10/17/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=94915

Exporters slash 2007 growth target
Inquirer
Last updated 04:05am (Mla time) 10/17/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=94907

GMAP - very aggressive supply line

GMAP = 8.6 (2.3%)

GMAP broke support of 8.8 and seems to be forming very aggressive supply line.

Careful GMAP traders...

Disclosure

Got I-remit IPO listing today
Citiseconline Target price: 7

MER

MER = 86 (1.1%)

MER formed higher low but lower high compared to previous trading day's price action. Making MER's bullishness somewhat weaker.

Note that the demand line remains intact.

Also note that the 65 & 130 MAs are attempting to cross.

Resistance: 87/88
Support: 32MA

Good luck to all MER traders!

High Court favors Meralco in P107M overpayment tax case
By Tetch Torres
INQUIRER.net
Last updated 05:42pm (Mla time) 10/16/2007
http://business.inquirer.net/money/breakingnews/view_article.php?article_id=94814

EDC - found trough and possible new support level to form steep demand line

EDC 7.3 (1.4%)

EDC formed a trough at 6.9, which might be a new support level, to form a steep demand line

Resistance: 7.8
Support: 7/6.9

Good luck to all EDC traders!

PNOC-EDC potential bidders down to 16
10/11/2007
source: Technistock

The number of potential bidders for the government's remaining 60-percent stake in PNOC Energy Development Corp. has gone down to 16 from the 24 that had submitted letters of interest. PNOC president Antonio Cailao said the 16 entities were those that met the Oct. 5 deadline for the submission of the initial pre-qualification requirements and passed the first screening process. The list of the pre-qualified bidders should have been released Wednesday, but Cailao said the PNOC Privatization Committee had decided to give the 16 entities a few more days to submit additional minor requirements. "Of the initial 24, eight have fallen off so we now have 16 potential bidders. But this number could still go down by the time the Privacom finishes its review of all the submitted requirements. Some had some very minor requirements that were lacking, such as board resolutions, so we decided to give them a few more days to submit these," he told the Philippine Daily Inquirer (parent company of INQUIRER.net). He declined to name the 16 entities, saying it was better to just wait for the list of those that passed the initial screening. This list should be out on or before Oct. 15, he said. Among the 16 that submitted initial pre-qualification requirements were listed firms Alsons Consolidated Resources Inc., Aboitiz Power Corp. and Filinvest Development Corp., which submitted a letter of interest through ABN Amro Bank. Other companies that had expressed interest in PNOC-EDC included Africa Israel Group-Asia Pacific, American Orient Capital Partners (Philippines) Inc., Ashmore Energy, ATN Holdings Inc., Basic Energy Corp., First Gen Corp., Geysir Green Energy and International Power Plc., Kanematsu Corp., Latham & Watkins LLP, Marubeni Philippines Corp. and One Energy Ltd. Those that will make the initial cut will be required to submit final qualification documents by 7 p.m. of Oct. 26. Prequalified bidders will be given until 9 a.m. of Nov. 21 to turn in their bids. The notice of award will be issued to the winning bidder by Nov. 22, with payment of 100 percent of the bid price to be remitted by Nov. 30, the scheduled closing date of the transaction.

Day trading notes

NI on the move? among most active and among top gainers :) target of 30?
PNX on the move? among top gainers
PX higher high and higher low :) continuing bullishness :) if close near high might be signal to buy more :)
GEO testing resistance at 2.8 :) buy at break of resistance with volume
LOTO most active
EDC higher high and higher low :) might test resistance at 7.8 :) might be a buy at break of 7.8

Disclosure - late

Sold some MER at 87
Bought PX 9.3 at close

EDC - broke steep demand line to look for support

EDC = 7 (2.8%)

EDC broke the steep demand line it formed to reach a new all time high to look for support. It may seen that it may have found it. It may seem it bounces from a support made by the recent gap up.

Applying fibonacci retracement, EDC has retraced to almost 50% of its recent rally or uptrend, which may not be a healthy correction.

32, 65, 130 MAs are all trying to track the steep climb of EDC.

Resistance: 7.8
Support: 6.9 (hopefully...)

Good luck to all EDC traders!

Note: if EDC forms a reversal pattern, hopefully a bullish engulfing it may be considered a buy...

GMAP - looking for support

GMAP = 8.9 (1.1%)

GMAP continuing its slip and looking for support. Likely to test support at 8.8. Needs to form a reversal to signal a possible buy and hopefully enough momentum to test and break the resistance at 9.6

32MA acting as a resistance level.

Good luck to all GMAP traders!

FLI - the bounce

FLI = 1.84 (0.0%)

FLI bounces from a likely support and forms higher low and higher highs hopefully to test the recent high of the rally or uptrend at 1.96.

130MA acting as resistance. 65MA acting as immediate support. 32MA acting as support and hopefully on its way to cross the 65MA.

Resistance: 1.96
Support: 1.74

Good luck to all FLI traders!