- candlestick: hammer
- 2-day low volume decline
- bounces at 41
- Fundamentally bullish, Technically bearish?
PNB (as requested)
- Once it goes down below 55, expect it to fill the gap at 52.50.
- Aside from 57, there are other possible resistance levels like 60, 61.50(price) and RSI70
- Before, LR & BEL move in synch. But lately, BEL has been outperforming LR.
- Is it because of this?
- “Belle is renegotiating with LR the terms and conditions of the casino project…. masyado dehado daw si Tatang sa deal” -miner of Finance Manila 12.19.2011
Some of the components of Head & Shoulders Top (Reversal)
- Neckline Break:
- The head and shoulders pattern is not complete and the uptrend is not reversed until neckline support is broken.
- Ideally, this should also occur in a convincing manner, with an expansion in volume.
- Support Turned Resistance
- Once support is broken, it is common for this same support level to turn into resistance.
- Sometimes, but certainly not always, the price will return to the support break, and offer a second chance to sell.
- Price Target…
- read it here
*There is an initial support at 1.69. if this will not hold, see you at 1.60. Worst case, see you at H&S price target.