EAGLE Technical Analysis
Eagle Cement Corporation (EAGLE) closed at 14.60, up by 4.29 percent, as of August 7, 2019. Despite today’s green candlestick, the three simple moving averages I’m using are still in a perfect bearish alignment. I’m using 10, 50, and 200 SMAs.
The immediate support is at 13.85 while the immediate resistance is at 14.60. Once it breaks above 14.60, the immediate resistance will be at 5.70.
Foreign investors registered a Net Foreign Selling worth P2 million today.
There are two signals must be valid and bullish for me to say that the ascent in price is more likely to continue. I also use their presence as a buy signal. Those are my 10SMACD combo and my Momentum Power Indicator.
My 10SMACD combo is re-validated today. MACD registered a golden cross above the signal line. The last candlestick recovered its position above the 10SMA.
My Momentum Power Indicator has an X number of elements. All of those elements must be bullish for me to say that my Momentum Power Indicator is bullish. When my Momentum Power Indicator is bullish, I say that the ascent in price is more likely to continue.
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It seems that EAGLE found its psychological bottom at 14.00. RSI hit the classical oversold level when the price hit 14. Apparently, today’s traders considered the price at 14 too cheap to ignore.
The risk level of EAGLE remains low with its historical volatility score at 31 percent.
I’ve seen a formation of a bullish convergence between the +DMI and -DMI. If the 10SMACD combo remains valid and if my Momentum Power Indicator stays bullish once the +DMI crosses above the -DMI, the ascent in price will be all the more sustainable, especially that the RSI allows more room to wobble its way toward the classical overbought level.
Trade-Volume Distribution Analysis
Last Price: 14.60
VWAP: 14.61998051
Most Traded: 14.6 – 14.64
Most Voluminous: 14.62 – 14.62
If my Momentum Power Indicator will maintain its bullish stance on EAGLE tomorrow, this stock might trade actively between 14.60 and 14.80.
True Market Sentiment Analysis
True Market Sentiment of EAGLE as of Aug-07-2019 at 03:30PM, with a last price of 14.600.
5 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 14.6216
Top 10 Players’ Selling Average: 14.6250
Bonus Info:
8 out of 24 participants or 33.33% of all participants registered a 100% BUYING activity
5 out of 24 participants or 20.83% of all participants registered a 100% SELLING activity
There’s one contrarian to my bullish Momentum Power Indicator. It’s the bearish true market sentiment of the top 10 brokers. This brings up the possibility for EAGLE to bounce away from 14.60 tomorrow.
Recommendations
If you managed to enter a new position when EAGLE was below 14.60, I urge you to strictly comply with your trailing stop loss. Sell once it’s hit. If you’d like to top up despite the bearish true market sentiment, you can do so since the Momentum Power Indicator is bullish. Just make sure you do not forget to do an upward adjustment on your trailing stop loss whenever applicable.
Are you planning to enter a new position on EAGLE? Calculate your reward-to-risk ratio first. You can use 14.60 (support) and 15.70 (resistance) in calculating your reward-to-risk ratio. If you’re satisfied with your RRR, do a test-buy within the dominant range I mentioned above. Make sure you that calculate your trailing stop loss as soon as your buy transaction is executed.
Are you a subscriber of Equilyst Analytics? I hope you are because I would recommend you to post a request for EAGLE’s latest Trade-Volume Distribution and True Market Sentiment charts if and when it registers a price lower or higher than the dominant range I mentioned above.
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