Things may get a little rosy this week as the PSE index is bound to bounce back up after getting near a potential support at 7,600.
The chart above shows the PSE index bounced back up after inching close to 7,600 which could be the start of a strong bounce.
The chart above shows the PSE index on a weekly chart. It formed a hammer candlestick which could mean that it already marked the bottom. So far, both daily and weekly charts are bullish for the PSEI.
Given the chances of a bounce, here are some stocks worth looking at..
JGS formed a hammer candlestick after hitting its support at P77. A bounce is very likely.
GLO and TEL remain beaten (mainly because of NOW) but a few strong bounces every now and then may happen. It’s quite risky to get in to both though.
GLO may drop even further. Ideal price to start buying is possibly P1,900.
TEL on the other hand might have found its bottom at P1,800. However, there is a good chance that it might close the gap at P1,750.
URC is probably the most appealing stock among all right now. URC’s price dropped because of the accusations of C2’s lead content going way beyond what was required in Vietnam. URC is too big to fail and such setback is definitely not strong enough to drag URC down to dust. This is an opportunity to buy URC. Ideal buy is between P170 to P178.
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Article by Makoy Velasco, Certified Securities Representative
Any views or opinions represented in this blog are personal and belong solely to the columnist and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.