Global Ferronickel Holdings (FNI) has been in a downtrend channel since 2015. It seemed to have hit its bottom in January 2016 but it failed to sustain its ascent beyond 4.29 mark in the last quarter of 2016. FNI has been moving sideways and testing the support near 2.30 since the first quarter of 2017. The management of FNI has also been in a share buy-back mode for a while now.
For the past few days, FNI has been testing the support near 2.42 but without any significant volume. This stock is still in the oversold territory based on the classical interpretation of Stochastic both on the Daily and Monthly charts.
FNI’s price closed above the 10SMA and MACD crossed above the signal line already. That is a buy signal for me but I’d rather stay cautious on my trade setup and choose to monitor FNI’s intraday price movement tomorrow or do a test-buy.
FNI’s main support sits at 2.30 while the major resistance is near 2.68. Deeper and higher support and resistance levels, respectively, can be seen on the chart below.
As of April 4, 2018, at 03:30PM, the volume is 9,380.65% of the previous trading day. Remember these 4 equations below.
- bullish price + high volume = high sustainability (current price trend)
- bullish price + low volume = low sustainability (current price trend)
- bearish price + high volume = high sustainability (current price trend)
- bearish price + low volume = low sustainability (current price trend)
On a 30-day trading period, FNI is on a Net Foreign Buying worth PHP71,256,459.00. Today, foreign investors bought P61.6 million worth of FNI shares. Could this be the catalyst that FNI traders have been waiting for? Wait till you see my Top 10 Players chart below.
My Price-Volume Distribution chart suggests that 2.46 is a candidate for a strong support tomorrow. If you will pull your 5 Minute chart, you will see the tallest volume bar with an opening price of 2.46. In my case, I don’t need to check the intraday chart of the stock because this Price-Volume Distribution chart is a lot easier to understand, especially for visual traders like me.
During recess, I post updates and discuss the Price-Volume Distribution chart of trending stocks in our Private Clients Forum. This is also one of the 10 things we discuss in the 5 stock analyses that we prepare for our clients before the start of each trading day. How to get 5 stock analyses before the start of each trading day? Subscribe to our Daily Stock Analysis service.
BA Securities (broker) only had two trades today. Both were cross-trades of 25 million shares at 2.46 per share. This makes me feel not-so-super-positive on FNI’s Net Foreign Buying today. ATR was bearish today as well.
If my Price-Volume Distribution chart suggests 2.46 as a candidate for a support level tomorrow, my Top 10 Players chart suggests 2.50-2.52 as the range to watch out for tomorrow.
Participants with a 100% Buying and Selling Activity as of Apr-04-2018 at 03:30PM:
- 3 out of 27 participants or 11.11% of all participants registered a 100% BUYING activity
- 8 out of 27 participants or 29.63% of all participants registered a 100% SELLING activity
- Top 10 Players’ Buying Average: 2.5006
- Top 10 Players’ Selling Average: 2.5204
This chart below is only the end-of-day Top 10 Players chart of FNI. We discuss the 2-month, month-to-date, week-to-date, and end-of-day Top 10 Players charts in the 5 stock analyses that we send to our clients before the start of every trading day. That’s our Daily Stock Analysis service.
You may also subscribe to our Private Clients Forum so you can request your stock’s updated Top 10 Players charts (on various time periods) before you execute your trade setup. I personally post updates in our Private Clients Forum about the trending stocks during recess. I do that because I want to help our customers review their trade setup for the second half of trading.
FNI has a low risk level based on my Risk Level calculator. Are you a beginner? I suggest you filter low- to moderate-risk stocks. Subscribe to our Stock Ranking System so you can check the risk level of all stocks listed on the Philippine Stock Exchange.
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I did not include fundamental analysis in this post. Subscribe to our Daily Stock Analysis or Top 5 Gainers and Top 5 Losers Analysis services to get the fundamental analysis of the stocks that we discuss.
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