Altus Property Ventures, Inc. did a ceiling play today, June 29, 2020, as it closed at ₱27.75 from its previous closing price of ₱18.50. Local investors were the main drivers while the foreign investors registered a Net Foreign Selling worth ₱18.75 million.
Of its total turnover value of ₱239.30 million, ₱39.80 million came from cross-trades. That volume of cross-trades remains relatively negligible since it only represents nearly 17 percent of the total turnover value of APVI today. The biggest cross-trade came from Abacus Securities. This broker cross-traded 100,000 shares at ₱27.75-apiece around 10:09AM today. Philippine Equity did nothing but sell ₱16.60 million worth of APVI shares today.
The question that most traders are asking is this, “Is the ascent in price of APVI sustainable?”
Although we can’t rely much on the classical way of doing technical analysis since Altus Property Ventures doesn’t have enough historical data yet, we have the Trade-Volume Distribution and True Market Sentiment charts at Equilyst Analytics. We can still make a data-driven forecast.
Trade-Volume Distribution
Last Price: ₱27.75
VWAP: ₱26.39373
Dominant Range: ₱27.75 – ₱27.75
APVI’s last price of ₱27.75 is higher than its volume-weighted average price of ₱26.39. Also, its dominant singular price point is not only closer to the intraday high than the intraday low but it’s also the intraday high itself. The bulls already have two points.
True Market Sentiment
True Market Sentiment on APVI as of Jun-29-2020 at 01:00PM with a last price of ₱27.75
True Market Sentiment: NEUTRAL
7 of the top 10 brokers registered a positive Net Amount
5 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱26.4900
Top 10 Players’ Selling Average: ₱26.3595
Bonus Info:
9 out of 65 participants or 13.85% of all participants registered a 100% BUYING activity
14 out of 65 participants or 21.54% of all participants registered a 100% SELLING activity
Altus Property Ventures got a neutral rating for its True Market Sentiment because only 5 out of the 10 top players registered a higher buying average than selling average. Abacus Securities Corporation, a brokerage firm, was the main seller of APVI today. There’s a chance for a technical correction on the price of APVI since nearly a quarter of today’s trading participants registered a 100 percent selling activity.
Recommendations
I’d recommend that you hold your position with respect to your trailing stop. Monitor the price action, especially in the first 15 to 30 minutes of trading tomorrow. If APVI fails to maintain its dominant range near the intraday high within the first 30 minutes of trading tomorrow, it may not register a new ceiling play.
The Trade-Volume Distribution and True Market Sentiment charts show a tug-of-war in terms of sentiment. I don’t see a dominant sentiment at this point.
Top up if, and only if, the dominant range sticks toward the intraday high. If not, it’s better for you to monitor your trailing stop.
If you don’t have a position on Altus Property Ventures and you’re a low-risk trader, I don’t recommend doing a test-buy on APVI yet unless the dominant range registers closer to the intraday high than the intraday low on the Trade-Volume Distribution chart and the True Market Sentiment becomes bullish.
Ask for APVI’s Trade-Volume Distribution and True Market Sentiment charts in the Stock Analysis Requests sub-forum of our Private Clients Forum if you’re one of our clients so we can guide you as trading happens.
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