ACEN Technical Analysis: Top Up or Save Your Buying Power for Later?

AC Energy Corporation Technical Analysis

AC Energy Corporation (PSE:ACEN) went up by 3.20 percent, closed at ₱7.10 per share, and registered a total turnover value of nearly ₱266 million on March 12, 2021.

While the foreign investors are net buyers year-to-date, they registered a Net Foreign Selling worth ₱683,994 on the last trading day of the second week of March 2021.

ACEN’s main support is near ₱6.50, and its immediate resistance is near ₱8.00. The last price is closer to the immediate support than the immediate resistance. If buying near support is your strategy, I suggest that you confirm the presence of a buy signal first instead of blindly buying a stock just because it’s closer to the support than the resistance. Not every stock that’s closer to the support than the resistance is logically buyable.

While the last price of ACEN is higher than its 10-day simple moving average, its MACD is still moving below the signal line. I see a formation of a bullish convergence between those two lines, but ACEN needs to get past the median of the immediate support and resistance to see a golden cross on the MACD’s histogram. It’s the same interpretation I’ll give you when I look at the Directional Movement Index’s histogram of ACEN.

On the other hand, ACEN’s price has a moderate-risk sensitivity level due to its 10-day historical volatility score of nearly 52 percent. As a gentle reminder, not all stocks that have a low- to moderate-risk sensitivity level are buyable right away.

Dominant Range Index

Dominant Range Index: Bullish
Last Price: ₱7.10
Intraday Low: ₱6.8900
Intraday High: ₱7.2000
VWAP: ₱7.0786
Dominant Range: ₱7.04 – ₱7.10

It’s a good sign when the Dominant Range Index is bullish. It means the price range that got the biggest volume and highest number of trades on March 12, 2021 was registered closer to ACEN’s intraday high than its intraday low. Does this mean ACEN has a confirmed buy signal? Let me finish my synthesis first. I’ll tell you later.

Market Sentiment Index – EOD – March 12, 2021

Market Sentiment Index: NEUTRAL
8 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱7.0831
Top 10 Players’ Selling Average: ₱7.0901
6 out of 69 participants, or 8.70% of all participants, registered a 100% BUYING activity
20 out of 69 participants, or 28.99% of all participants, registered a 100% SELLING activity

Market Sentiment Index – WTD – March 8-12, 2021

Market Sentiment Index: BULLISH
6 of the top 10 brokers registered a positive Net Amount
7 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱6.8766
Top 10 Players’ Selling Average: ₱6.8444
9 out of 101 participants, or 8.91% of all participants, registered a 100% BUYING activity
11 out of 101 participants, or 10.89% of all participants, registered a 100% SELLING activity

Market Sentiment Index – MTD – March 1-12, 2021

Market Sentiment Index: NEUTRAL
5 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: ₱6.9632
Top 10 Players’ Selling Average: ₱6.9447
11 out of 108 participants, or 10.19% of all participants, registered a 100% BUYING activity
8 out of 108 participants, or 7.41% of all participants, registered a 100% SELLING activity

Recommendations

ACEN didn’t pass all questions in the flowchart of my Evergreen Strategy 2.0. This means this stock doesn’t have a confirmed buy signal yet. For one, the average Market Sentiment Index across three timeframes is neutral. It’s as though we’re being reminded to be careful with our next trade or investment decision as far as ACEN is concerned.

If you don’t have ACEN yet, but you’re planning to do a test-buy, I suggest that you keep it on your watchlist for now. Please don’t buy it yet. Review the pre-recorded video of my Evergreen Strategy 2.0 if you haven’t memorized the flowchart yet. As often as you desire, you may ask for ACEN’s latest Dominant Range Index and Market Sentiment Index charts in our Private Clients Forum so you can tell on your own if this stock already has a confirmed buy signal according to my Evergreen Strategy 2.0. Also, don’t forget to calculate your initial trailing stop so you’ll be compelled to compute your reward-to-risk ratio, too.

On the other hand, save your buying power for later once ACEN shows a confirmed buy signal. Are you one of our subscribers at Equilyst Analytics? If yes, good! Use what you’ve paid for! Ask for ACEN’s latest Dominant Range Index and Market Sentiment Index in our Private Clients Forum so you can check you’ll get past the sixth question in the flowchart you saw when you watched my Evergreen Strategy 2.0 video.

You can use my trading calculators. You’ll find them in the TOOLS tab of the LIBRARY page of Equilyst Analytics’ website.

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Jaycee De Guzman

Founder and CEO at Equilyst Analytics

Experience the expertise of Jaycee De Guzman, the brain of Equilyst Analytics, renowned for his unique data analysis. He is a computer scientist and a self-taught digital marketing strategist and agriculturist. Since Equilyst Analytics’ founding in 2012, over 10,000 local and foreign clients have consulted with Jaycee de Guzman on crypto and stock investments.

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