DITO CME Holdings Corp. (DITO) Technical Analysis
DITO CME Holdings Corp. (DITO) has been trading below its 10-day simple moving average (SMA) for nearly a month already. Today, May 10, 2021, it closed at ₱9.66 per share, down by 1.43 percent, with a total turnover value worth ₱49.40 million.
The foreign investors printed a net foreign buying worth nearly ₱5 million, but they’re not the main drivers of today’s trade for DITO. They’ve lain low in registering a significant net foreign on DITO since the second week of April 2021. Even if the foreign investors are net buyers year-to-date, the smart money’s participation is still not that significant in size.
DITO’s immediate support is pegged at ₱8.50, while its immediate resistance sits near ₱11.42. The lower and higher support and resistance levels, respectively, are shown in the chart below.
Would you like to know if I see a confirmed buy signal for DITO?
Let’s check if the six parameters of my Evergreen Strategy 2.0 when looking for a confirmed buy signal are all bullish.
Firstly, DITO’s still moving below its 10-day SMA. That’s a bearish rating.
Secondly, its Moving Average Convergence Divergence (MACD) is trading above the signal line. That’s a bullish rating.
Thirdly, the last price of ₱9.66 is lower than its volume-weighted average price (VWAP) of ₱9.7322. So, that’s a bearish rating.
Fourthly, the last volume bar is higher than 50 percent of DITO’s 10-day volume average. Again, that’s a bullish rating.
Fifthly, the Dominant Range Index (DRI) of DITO is bearish.
Sixthly, the Market Sentiment Index (MSI) is bearish.
By the way, DITO maintains its low erraticity level due to its 10-day historical volatility score below 50 percent. So, even if it’s still a newbie-friendly stock, it doesn’t mean you should buy it right away. It is for this reason that we’re checking the status of the six parameters I mentioned above.
Dominant Range Index
Dominant Range Index: Bearish
Last Price: ₱9.66
Intraday Low: ₱9.6500
Intraday High: ₱9.8500
VWAP: ₱9.7322
Dominant Range: ₱9.66 – ₱9.80
Market Sentiment Index
Market Sentiment Index: BULLISH
27 of the 41 participating brokers, or 65.85% of all participants, registered a positive Net Amount
29 of the 41 participating brokers, or 70.73% of all participants, registered a higher Buying Average than Selling Average
41 Participating Brokers’ Buying Average: ₱9.72195
41 Participating Brokers’ Selling Average: ₱9.74207
20 out of 41 participants, or 48.78% of all participants, registered a 100% BUYING activity
3 out of 41 participants, or 7.32% of all participants, registered a 100% SELLING activity
Synthesis
Unfortunately, not all six parameters are bullish. Therefore, there’s no confirmed buy signal for DITO as of today’s data based on my Evergreen Strategy 2.0.
Suppose you already have DITO in your portfolio. If that’s the case, you have the option to hold your position. On the other hand, I don’t see a compelling reason to rush in reducing the percentage of risk on your trailing stop because today’s Market Sentiment Index is still bullish. Please review the course manual of my Evergreen Strategy 2.0 in your account as a refresher.
Now, if you are still in the planning stage of adding DITO to your portfolio, I advise that you wait for all the six parameters I mentioned above to turn bullish. Are you one of our subscribers? If yes, you may ask for DITO’s latest Dominant Range Index and Market Sentiment Index in our online discussion board on our website so you can follow the flowchart when identifying a confirmed buy signal for any stock. It’s the course manual of my Evergreen Strategy 2.0, too.
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