AC Energy Philippines, Inc. (ACEN) Analysis
AC Energy Philippines, Inc. (ACEN) closed on Friday, September 25, 2020, as an unchanged issue at ₱3.14 per share, with a total turnover value of ₱94 million.
The foreign investors printed a net foreign buying worth ₱4.74 million. The foreign investors’ participation in AC Energy is relatively insignificant because they haven’t registered a net foreign activity, whether net foreign buying or selling, above ₱10 million, at least, within the past 90 trading days.
I see no pressing concern on its volume last Friday since it was green, and it was higher than the 50 percent of AC Energy’s 10-day volume average.
The immediate support of AC Energy is near ₱3.03, which is in confluence with the 61.80 percent (golden ratio) of the Up Fibonacci. On the other hand, its immediate resistance is pegged near ₱3.25.
If it breaks below the immediate support, the next support will be near ₱2.90, which is confluent with the 38.20 percent of the Up Fibonacci. If it breaks above the immediate resistance, the next psychological resistance will be at ₱3.60, which is confluent with the 61.80 percent extension of the Up Fibonacci.
AC Energy’s failure to break above the immediate resistance made the MACD line dive below the signal line. It does not necessarily have to be a sign of weakness since the +DMI is still hovering the -DMI. Besides, the ADX is still above 25 points. I’m showing you now why you should not rely on a single indicator as your only source of data-driven sentiment.
AC Energy maintains its low-risk level due to its historical volatility score of 49 percent. This low-risk level means its daily price action does not shoot up in a very erratic manner.
Trade-Volume Distribution Analysis
Last Price: ₱3.14
VWAP: ₱3.19
Dominant Range: ₱3.14 – ₱3.20
There’s a tug-of-war of sentiments in my trade-volume distribution analysis. It’s a bearish signal if the last price is lower than the stock’s volume-weighted average price (VWAP), which is the case of AC Energy as of market closing on Friday.
On the other hand, the dominant range is closer to the intraday high than the intraday low, which is a bullish signal.
The bottom line is that I see no confirmed buy signal yet for AC Energy as far as the data as of the market closing on Friday is concerned.
True Market Sentiment – EOD (September 25, 2020)
True Market Sentiment: NEUTRAL
4 of the top 10 brokers registered a positive Net Amount
6 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱3.1867
Top 10 Players’ Selling Average: ₱3.1913
10 out of 62 participants or 16.13% of all participants registered a 100% BUYING activity
16 out of 62 participants or 25.81% of all participants registered a 100% SELLING activity
True Market Sentiment – WTD (September 21-25, 2020)
True Market Sentiment: BULLISH
6 of the top 10 brokers registered a positive Net Amount
6 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱3.1590
Top 10 Players’ Selling Average: ₱3.1633
11 out of 76 participants or 14.47% of all participants registered a 100% BUYING activity
17 out of 76 participants or 22.37% of all participants registered a 100% SELLING activity
True Market Sentiment – MTD (September 1-25, 2020)
True Market Sentiment: NEUTRAL
8 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: ₱3.0847
Top 10 Players’ Selling Average: ₱3.0703
8 out of 100 participants or 8.00% of all participants registered a 100% BUYING activity
10 out of 100 participants or 10.00% of all participants registered a 100% SELLING activity
I see a mixed sentiment on the three timeframes of my True Market Sentiment. This variation in sentiments is another confirmation of a tug-of-war of sentiment between the bears and the bulls.
Recommendations
My overall sentiment for AC Energy based on my analysis is neutral.
What does this mean to you if you have AC Energy in your portfolio? Hold your position if, and only if, your trailing stop is intact. Do not buy more shares yet. Wait for the 10SMACD and Momentum Power Indicator of AC Energy to become bullish before you buy more shares. You may ask for our latest analysis on AC Energy in our Private Clients Forum (if you’re one of our clients) so we can update you if we already see a confirmed buy signal for this stock.
What does this mean to you if you don’t have AC Energy yet? Do not do a test-buy yet. Follow the same advice I gave for those who already have AC Energy in their portfolio. Feel free to add AC Energy in your watchlist if you still have an available slot. I recommend that you monitor a maximum of five stocks in your watchlist. That’s the realistic number of stocks that you can monitor with quality time.
We have trading tools in the TOOLS tab of our online stock market library. Feel free to use them for free.
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