Cemex Holdings Philippines (CHP) is moving both inside the short-term and long-term bearish channel. What’s my basis? See the purple, red, and green Simple Moving Average (SMA) lines below. The short-term SMAs are below the longer-term SMAs of CHP.
The support at 3.64 has been tested several times since the last week of February 2018. CHP closed at 3.64 per share on 28 March 2018, down by 1.62 percent from its previous closing of 3.70.
The resistance is at 4.22, which is in confluence with the 38.2 percent Fibonacci retracement. Should CHP break below 4.22, its next support will be 2.94, which is the 38.2 percent Fibonacci extension. The third level of support is 2.52.
CHP is oversold based on the Stochastics Daily and MACD Daily. However, RSI seemingly gives CHP more room for a bearish price action for it to enter the confirmed bearish status as far as RSI’s classical interpretation is concerned.
I take the slim volume and the repeated testing of the support at 3.64 as signs of a consolidation period. I do not see any obvious sign of reversal. What I see is an indecision among traders.
I advise that you monitor the crossing of MACD with the signal line and the crossing of the share price above the 10SMA. Read this article if you want to know why.
As of March 28, 2018, at 03:30PM, the volume is 109.92% of the previous trading day.
I’ll repost my equations for price-volume correlation below for the benefit of my new followers and readers.
- bullish price + high volume = high sustainability (price)
- bullish price + low volume = low sustainability (price)
- bearish price + high volume = high sustainability (price)
- bearish price + low volume = low sustainability (price)
The majority of CHP’s trade was registered in the lower half of my Price-Volume Distribution chart. It’s either 3.64 will act as a support or the price will break below 3.64 on Monday.
On a 30-day trading period, CHP is on a Net Foreign Selling worth PHP27,865,619.00. I still get a Net Foreign Selling whether I adjust the time period to 60 days or 90 days.
I see an overall bearish sentiment from both week-to-date and end-of-day Top 10 Players charts of CHP. It is important me to know the overall and individual buy and sell averages of all the top 10 players because it helps me see “where they meet each other.” It helps me see their common denominator.
If the buy average is very close to the closing price of the stock, it means the top 10 players are willing to average up. If the traders are willing to average up, that’s a sign of confidence.
On the other hand, if their buy average is relatively distant from the closing price, it could be taken as a sign of an indecision or low confidence to buy up the stock.
I like my Top 10 Players chart because it reveals to me the true sentiment of traders toward the stock.
Participants with a 100% Buying and Selling Activity from Mar-26-2018 to Mar-28-2018 at 03:30PM:
- 13 out of 35 participants or 37.14% of all participants registered a 100% BUYING activity
- 6 out of 35 participants or 17.14% of all participants registered a 100% SELLING activity
- Top 10 Players’ Buying Average: 3.6788
- Top 10 Players’ Selling Average: 3.6763
Participants with a 100% Buying and Selling Activity as of Mar-28-2018 at 03:30PM:
- 7 out of 24 participants or 29.17% of all participants registered a 100% BUYING activity
- 6 out of 24 participants or 25.00% of all participants registered a 100% SELLING activity
- Top 10 Players’ Buying Average: 3.6692
- Top 10 Players’ Selling Average: 3.6867
CHP is a moderate risk stock based on my Risk Level calculator.
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