BSC Technical Analysis: Is the Distribution Phase an Opportunity to Buy or Wait?

Basic Energy Corporation Technical Analysis

BSC has been trading the range between the support and resistance at ₱0.68 and ₱1.00, respectively, for quite a while already. You must be scratching your head now even if nothing’s itchy if you’re a short-term trader who needs to make a living trading BSC for a week. Why? It’s because it’s been moving sideways between the range I mentioned for nearly three months already.

Let’s get to the bottom of this. Does BSC have a confirmed buy signal based on my Evergreen Strategy 2.0? First, let’s check the six parameters below.

Parameter 1: Is its last price moving above its 10-day simple moving average (SMA)?
Answer: Yes

Parameter 2: Is its moving average convergence divergence (MACD) moving above its signal line?
Answer: Yes

Parameter 3: Is its last price higher than its volume-weighted average price?
Answer: No

Parameter 4: Is its last volume bar higher than 50 percent of its 10-day volume average?
Answer: No

Parameter 5: Is its Dominant Range Index bullish?
Answer: No

Dominant Range Index: BEARISH
Last Price: ₱0.81
VWAP: ₱0.8140
Dominant Range: ₱0.81 – ₱0.82

Parameter 6: Is its Market Sentiment Index bullish?
Answer: Yes

Market Sentiment Index: BULLISH
13 of the 21 participating brokers, or 61.90% of all participants, registered a positive Net Amount
10 of the 21 participating brokers, or 47.62% of all participants, registered a higher Buying Average than Selling Average
21 Participating Brokers’ Buying Average: ₱0.81193
21 Participating Brokers’ Selling Average: ₱0.81605
4 out of 21 participants, or 19.05% of all participants, registered a 100% BUYING activity
5 out of 21 participants, or 23.81% of all participants, registered a 100% SELLING activity

Synthesis

BSC has no confirmed buy signal based on my Evergreen Strategy 2.0, a proprietary methodology in stock trading and investing.

But what should you do if you already have it? Assuming your trailing stop is intact, you have the option to hold your position since its Market Sentiment Index is still bullish as of Friday’s closing.

Did you already review the course manual of my Evergreen Strategy 2.0? If yes, you should already know by now when you should consider reducing your risk percentage on your trailing stop.

Feel free to request BSC’s Dominant Range Index and Market Sentiment Index in our online discussion board on our website so you can complete your own analysis, like I do, on your own. In addition, there’s a flowchart in the course manual of my Evergreen Strategy 2.0. It’s a complete roadmap from stock selection for your watchlist to buying to selling.

BSC is in a distribution cycle because there’s a relatively high volume since the daily volume is higher than 50 percent of BSC’s 10-day volume average each day. This stock is likely to continue moving sideways with a bearish bias.

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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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