ABS-CBN Corporation (ABS) is currently priced at 20.25 per share, up by 9.46 percent as of 2:20PM GMT+8, July 24, 2019. ABS is up by 13.51 percent WTD, up by 17.87 percent MTD, and up by 1.25 percent YTD.
Do not look for foreign investors’ participation in this stock because they are not allowed to own shares of media companies.
There are no new company disclosures on the profile of ABS on edge.pse.com.ph. The most recent news about the renewal of franchise of ABS was published roughly 14 hours ago. No concrete story confirming the approval of the franchise of ABS was mentioned in the article. Nonetheless, today’s bullish volume is the biggest one-day volume of ABS since June 26, 2014.
ABS broke the resistance at 19.30, which is now acting as its immediate support level. If it retreats below 19.30, the support will go back to 16.90. The acting immediate resistance of ABS is 21.95.
My 10SMACD combo is present. My Fantastic Four signals are present, too. While the ascent in price is more likely to continue because of these signs, remember that RSI is nearing the classical overbought level already.
If you attended my The Evergreen Strategy in Trading the Philippine Stock Market seminar, I’m sure you saw the confirmed buy signals last June 27 2019. That was the day when the price was between 17.08 and 17.24 per share. Review your handouts for Lessons 2 to 4. I handed over my blueprint to you already. Execute what you’ve learned.
The risk level of ABS remains low due to its historical volatility score of 48 percent. DMI and ADX confirm the strength of the upward momentum.
Trade-Volume Distribution
Last Price: 20.05
VWAP: 19.73810255
Most Traded: 20.3 – 20
Most Voluminous: 18.5 – 20.25
The favorite spot of the traders today is between 19.50 and 20.30.This is closer to the intraday high than the intraday low. This one completes the presence of my Fantastic Four signals.
If I sound alien to you with my “10SMACD combo” and “Fantastic Four signals,” I suggest you attend The Evergreen Strategy in Trading the Philippine Stock Market seminar. You will learn methods that are not found on Google or YouTube.
True Market Sentiment
True Market Sentiment of ABS as of Jul-24-2019 at 02:08PM, with a last price of 20.0500.
5 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers have a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 19.6896
Top 10 Players’ Selling Average: 19.7152
Bonus Info:
8 out of 37 participants or 21.62% of all participants registered a 100% BUYING activity
8 out of 37 participants or 21.62% of all participants registered a 100% SELLING activity
I use my True Market Sentiment to check if the top 10 brokers agree with the red-ness or green-ness of the price. Apparently, the top 10 brokers are not highly impressed by the green candlestick of ABS. If they were, at least 6 brokers should have registered a positive Net Amount and at least 6 of them also registered a higher buying average than selling average. Unfortunately, the minimum requirement to generate a bullish true market sentiment was not hit on the True Market Sentiment chart. That’s why we see a bearish true market sentiment on this chart.
What kind of help does this give you then?
To me, this shows that the top 10 brokers would like to see other brokers to do the next move in terms of buying more shares of ABS at a price higher than its prevailing price by a significant volume. In short, most members of the top 10 brokers’ list chose to lock-in profits and be in a wait-and-see mode. The sustainability of the ascent in price is not yet crystal-clear in this case.
Recommendations
If you have ABS and if it’s still trading above your trailing stop loss, I suggest that you hold your position but don’t top-up for now. Wait for ABS to go steady above the 20sh level with a volume that is at least higher than the 50% of the ABS’s 10-day volume average before you decide to top-up. Before you top-up, make sure that the Fantastic Four signals are perfectly present. Not two, not three, but all four of them must be present.
If you only planning to enter a new position on ABS, please follow the exact same advice I’ve given above.
In any case, post a request for the Trade-Volume Distribution and True Market Sentiment chart of ABS if and when it registers a price higher or lower than the dominant range I mentioned above. I hope you’re a subscriber of Equilyst Analytics so you’ll have an access to the Private Clients Forum. Otherwise, you’ll have to find out how to generate those two charts and interpret the statistics and charts on your own.
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