TUGS consolidation (update)

Harbor Star Shipping Services, Inc.

TUGS consolidation continues and it's now getting closer to the support line of the current uptrend price channel.

*Trend trading opportunity remains intact.
*Avoid on price channel breakdown (a potential Head-and-Shoulder Top breakdown if that happens).

See previous analysis for Trading Plan template:
https://psetrends.blogspot.com/2017/02/tugs-consolidation-continues.html

PGOLD looking toppish

Puregold Price Club, Inc.

PGOLD looks toppish after potentially completing a Bearish 1.27AB=CD Harmonic Pattern. A Gravestone Doji candlestick also formed up around the PRZ (Potential Reversal Zone) of the harmonic pattern which potentially suggest that the bullish rally or uptrend is about to reverse or consolidate.

*Gravestone Doji requires confirmation.

Trading Plan
- Sell or scale down position on reversal pattern confirmation.

PHEN on a potential Shark Harmonic Pattern

PHINMA Energy Corporation

PHEN is potentially forming a Bullish Shark Harmonic Pattern.
*A breakdown from "A" leg (2.22) will give it higher probability of completing the pattern.

Another bearish pattern is also developing - a Rising Wedge pattern. A breakdown from this pattern will have a projected target towards the "0" leg (2.03) which is in confluence with the PRZ (Potential Reversal Zone) of the Bullish Shark Pattern.

Trading Plan
- Only trade this setup once the Bullish Shark Pattern has been completed.

Bullish Shark Pattern

Rising Wedge Pattern

TUGS consolidation continues

Harbor Star Shipping Services, Inc.

TUGS continues to consolidate towards the support line of the uptrend price channel. This consolidation/pullback has been warned already by a prior bearish divergence pattern on RSI and EFI.

*MA20 acting as immediate support area for the current uptrend.
*Resistance area around 4.00~4.13.

Trading Plan
- Trade the trend of TUGS using MA20 or the uptrend support line as entry point (use the Stochastic crossover and pointing up as reference timing signal).
- Stop-loss should be on price channel breakdown. Can use the breakdown from MA50 as stop-loss for those willing to take higher risk.
- Avoid on price channel breakdown.

PLC trend trading potential

Premium Leisure Corp.

PLC revisited the nearly 5-month uptrend line around MA50, a potential support area for the current trend.

*Major support at 1.20.

Trading Plan
- Test buy near the uptrend support line or around 50MA to ride the trend.
- Set stop-loss just a bit below 1.24 or on major support breakdown.
- Profit run a winning trade with trailing stop.

MPI consolidating in a potentially bullish pattern

Metro Pacific Investments Corporation

MPI is consolidating in a bullish Flag pattern, a trend continuation pattern.

- Consolidation may likely continue with downside risk towards 6.40 ~ 6.60 range in the near term.
- Resistance area is around the recent 78.6% retracement (7.10) after the reversal from a Bullish Bat. Harmonic pattern.

Trading Plan
- Buy the breakout.
- Also a potential position play if it dips towards 5.80~6.20 area.

CHP potentially bottomed out already

Cemex Holdings Philippines, Inc.

CHP has potentially bottomed out already at 9.05. A rebound from this level followed by a retest of this area will likely form a bullish Double Bottom pattern and will potentially be another buy opportunity if it also gives a bullish divergence pattern on some oscillators/indicators.

*IPO price of CHP was at P10.75 per share, a possible resistance area.

Trading Plan
- Test buy near the recent bottom or wait for another pullback near the recent bottom.
- Set stop-loss just below 9.05 (or below 9).
- Potential TP is near the resistance area around 10.75.

MEG in Triangle pattern consolidation

Megaworld Corporation

MEG is currently consolidating in a Symmetrical Triangle pattern, a potential trend continuation pattern from the recent reversal after it bottomed out at 3.21. A breakout from this pattern will have a projected target around 4.35 ~ 4.40. On the other hand, a breakdown from this pattern will potentially put the price back towards 3.50 ~ 3.21 area.

*If the consolidation continues near the apex of the triangle, it will likely invalidate the whole Triangle pattern.
*Immediate support around 3.50 ~ 3.60.
*Immediate resistance around 3.89 ~ 4.00.

Trading Plan
- Buy on breakout.

MER potential breakout from Head-and-Shoulder Bottom pattern

Manila Electric Company

MER is on a potential breakout from a Head-and-Shoulder Bottom pattern (bullish pattern). Measured target is around 320.

*A successful breakout will also potentially fill the gap at 314.60 ~ 324.40 range.
*Immediate resistance is around 300, the previous major support prior to breakdown.

Trading Plan
- Buy the breakout (but expect for potential fallback).
- TP=320
- Set a stop-loss to at least 1:2 risk/reward ratio but ideally around 1:3.

MRSGI potentially forming a bullish trend continuation pattern

Metro Retail Stores Group, Inc.

MRSGI is potentially forming a Falling Wedge pattern, a bullish trend continuation pattern. A breakout from this pattern will likely revisit the resistance around 4.4~4.5.

*Potential bullish signal on Stochastic near the oversold territory.
*Support around 3.52/3.5.

Trading Plan
- Buy on breakout.
- Potential target to initally take profit or scale down position is around the resistance area.
- Set stop-loss on breakdown from support at 3.5 (risk/reward ratio is not very attractive when immediate TP is only around 4.4~4.5. Profit run on breakout from resistance.

GTCAP potentially near the bottom

GT Capital Holdings, Inc.

Recent breakdown from a Double-Top pattern has already hit its measured TP at 1210.

Another breakdown from Ascending Broadening Wedge pattern presents more downside risk towards the major support at 1084~1123 area.

*Stochastic indicator at oversold territory, a signal crossover from this level will likely confirm the reversal.
*RSI is also near oversold territory (using immediate trend bias, its already considered oversold and now showing sign of recovery)
*Immediate resistance at 1298.

Trading Plan
- Trading buy near the recent Double-Top breakdown target at 1210.
- Set stop-loss around 1084~1175 area depending on risk appetite. For position trade, set stop-loss on breakdown from this support range.
- Immediate TP near 1298/1300. Can take initial profit at this level and profit run the rest on breakout from 1300 resistance.