PSEi Chart Update

Philippines Stock Exchange PSEi Index

- PSEi has retested the resistance zone around 8000~8100.
- Immediate support area remains at 7720~7780.
- Previous Bull Flag breakout pattern remains valid with projected target price around 8300. See previous chart update for reference:
https://psetrends.blogspot.com/2017/04/psei-chart-update-and-technical-analysis.html

SMC price action analysis

San Miguel Corporation

SMC is recently trading near its immediate support area including the 19-month uptrend line.

Trading Plan
- Potential buy near support with a stop-loss a few points below immediate support area (keep at least 1:2 risk/reward ratio, the higher the better).

2GO breakdown

2GO Group, Inc.

2GO is on a breakdown from a Descending Triangle pattern with projected target price around 15.5~16.4.

See previous analysis for reference on this pattern as it unfolds:
https://psetrends.blogspot.com/2017/07/2go-potentially-forming-bearish-pattern.html

Trading Plan
- Avoid for now.

EW Price Action Update

East West Banking Corporation

EW is forming a Bearish Engulfing candlestick pattern after the recent sharp rally. It's a potential sign of a stalling uptrend and may signal a possible pullback or consolidation to follow.

*In this condition, some traders who are after short term gains may choose to sell to protect the profit from recent advancement.

Trading Plan
- Avoid for now.
- If in a trade already, take some profit or scale down position. Profit run the rest of the position with trailing stop.

2GO potentially forming a bearish pattern

2GO Group, Inc.

2GO is potentially forming a Descending Triangle pattern which is normally considered as a bearish chart pattern that indicate distribution. It may also be considered as a reversal pattern at the end of  the recent uptrend.

However, if the consolidation continues and the sideways price action goes beyond the triangle apex without significant breakout or breakdown, it will likely invalidate the pattern.

Trading Plan
- Avoid for now and observe the price action in the coming days.

TEL has hit Head-and-Shoulder Bottom TP

PLDT Inc.

TEL has hit the projected target price around 1930 from the previous Head and Shoulder Bottom breakout last March this year. See the previous analysis of this pattern as it unfolds:
https://psetrends.blogspot.com/2017/04/tel-breakout-update.html

In the shorter time frame, a Bullish Hammer candlestick pattern has formed up after the recent pullback, a potential trend reversal pattern (needs confirmation today).

Trading Plan
- If still trading the Head and Shoulder Bottom pattern (a medium term trading position), take profit on strength or scale down position.
- Otherwise, avoid for now.