DITO Technical Analysis: More Likely to Break or Rebound at the Support Near ₱14.86?

DITO CME Holdings Corp. (DITO) Technical Analysis

DITO CME Holdings Corp. (DITO) closed at ₱15.06 per share, down by 6.58 percent, as of closing on March 2, 2021, Tuesday. The total turnover value hit ₱1.3 million.

DITO’s immediate support sits at ₱14.86, while its resistance stands near ₱19.00. If DITO breaks below ₱14.86, the next support will be at ₱10.80.

Local investors were the main drivers of today’s price action. The foreign investors only registered a Net Foreign Selling worth ₱18 million.

Today’s bearish price action is complemented with a bearish volume that is higher than 100 percent of DITO’s 10-day volume average. Foreign investors are inconsistent with their daily Net Foreign Buying.

I see a bearish divergence between MACD and the signal line. The -DMI seconds the motion as it registers a bearish divergence with the +DMI. Take note that the ADX is already higher than 25 points, which favors the bears.

DITO has a high-sensitivity level due to its nearly 76-point 10-day historical volatility.

All signs point to the northward direction with a high-risk level.

Dominant Range Index

Dominant Range Index: Bearish
Last Price: ₱15.06
Intraday Low: ₱15.0200
Intraday High: ₱15.9200
VWAP: ₱15.3871
Dominant Range: ₱15.06 – ₱15.50

There is no confirmed buy signal on DITO as of today’s closing. The last price is lower than DITO’s 10-day volume-weighted average price, and the dominant range is closer to the intraday low than the intraday high.

Market Sentiment Index EOD – March 2, 2021

Market Sentiment Index: 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: ₱15.3940
Top 10 Players’ Selling Average: ₱15.3914
32 out of 94 participants, or 34.04% of all participants, registered a 100% BUYING activity
4 out of 94 participants, or 4.26% of all participants, registered a 100% SELLING activity

Market Sentiment Index WTD – March 1-2, 2021

Market Sentiment Index: 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: ₱15.6887
Top 10 Players’ Selling Average: ₱15.6653
22 out of 97 participants, or 22.68% of all participants, registered a 100% BUYING activity
5 out of 97 participants, or 5.15% of all participants, registered a 100% SELLING activity

Given the bullish Market Sentiment Index EOD, there’s a chance for DITO to respect the support at ₱14.86. This insight will be invalidated once the Market Sentiment Index EOD becomes neutral or bearish.

Recommendations

Do you have DITO already, and is your trailing stop intact? If your answer is affirmative, hold your position or reduce the percentage of risk on your trailing stop. You can use our trailing stop calculator. Go to our website, click LIBRARY, and click the TOOLS tab. Don’t top up yet unless and until there is a confirmed buy signal. If you’re one of our clients, please request our latest analysis on DITO in our Private Clients Forum.

You don’t have DITO, but you’re planning to do a test-buy? Don’t rush. Wait for a confirmed buy signal. Please wait for the first 5 questions of our Evergreen Strategy 2.0 to be answered with a YES so you’ll get a confirmed buy signal. It’s a bonus of the Market Sentiment Index (prevailing or EOD) is bullish. Once there’s a confirmed buy signal, buy within the prevailing dominant range, which you’ll get from our Dominant Range Index’s statistics. Ask in our Private Clients Forum.

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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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