First Gen Corporation Technical Analysis
After almost three weeks of trading below its 10-day simple moving average (SMA), First Gen Corporation (FGEN) has finally stayed above its 10SMA for three consecutive trading days with a daily volume higher than 50 percent of its 10-day volume average. This ascent in price means its supported with a relatively good volume even if the stock is not getting significant buying support from foreign investors. Speaking of the foreign investors, they are net sellers on FGEN year-to-date.
FGEN’s immediate support is near ₱31.00, while its immediate resistance is at ₱33.60. While it looks attractive to enter a new position on a stock if its prevailing price is closer to immediate support than immediate resistance, I suggest that you check if the six parameters below are bullish before proceeding with your buying decision. Let’s check.
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: Yes
Parameter 5: Is its Dominant Range Index bullish?
Answer: No
Dominant Range Index: BEARISH
Last Price: ₱31.00
VWAP: ₱31.0205
Dominant Range: ₱30.90 – ₱31.00
Parameter 6: Is its Market Sentiment Index bullish?
Answer: Yes
Market Sentiment Index: BULLISH
10 of the 32 participating brokers, or 31.25% of all participants, registered a positive Net Amount
11 of the 32 participating brokers, or 34.38% of all participants, registered a higher Buying Average than Selling Average
32 Participating Brokers’ Buying Average: ₱30.99552
32 Participating Brokers’ Selling Average: ₱31.07734
6 out of 32 participants, or 18.75% of all participants, registered a 100% BUYING activity
15 out of 32 participants, or 46.88% of all participants, registered a 100% SELLING activity
Synthesis
The algorithm of my Evergreen Strategy 2.0 did not issue a confirmed buy signal for FGEN because the third and fifth parameters are both bearish.
Do you already have FGEN in your portfolio? Is your trailing stop still intact? If your answer is yes to both questions, you have the option to hold your position since its Market Sentiment Index is still bullish. Consider reducing the risk percentage applied on your trailing stop once both Dominant Range Index and Market Sentiment Index are bearish. When that happens, your other option is to pre-empt your trailing stop. You may refer to the flowchart I included in the course manual of my Evergreen Strategy 2.0 if you’re one of our subscribers.
If you don’t have FGEN yet, it’s also a good candidate for your watchlist since its total turnover value today is higher than ₱20 million, and it has a low erraticity due to its 10-day historical volatility score below 50 percent. Please review the course manual of my Evergreen Strategy 2.0 (if you’re one of our clients) to see the flowchart that you need to follow when selecting candidate stocks for your watchlist.
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