Prime Media Holdings, Inc. (PRIM) Technical Analysis
The daily volume of Prime Media Holdings, Inc. (PSE:PRIM) for the past four trading days was very near to, if not higher than, its 10-day volume average for each of the past four trading days. This concentration of volume shows a significant interest in trading PRIM.
Even if the last candlestick is already red, the last price is still trading above PRIM’s 10-day simple moving average. Its moving average convergence divergence (MACD) is also moving above its signal line, but I already see a formation of a bearish convergence between the two lines. If the downtrend continues, this formation will become a confirmation.
PRIM went down by 23.10 percent today, ending at ₱3.23 per share. The total turnover value is ₱272 million. Even though the net foreign bars on the Net Foreign histogram from February 2021 to date no longer look microscopic, those net foreign amounts are relatively insignificant. As a matter-of-factly, the foreign investors registered a net foreign selling worth ₱383,750 only. I will not factor in the foreign investors’ transactions in my decision.
I have used an Up Fibonacci to identify the immediate support and resistance levels of PRIM. Its immediate support is confluent with the 38.2 percent retracement at ₱2.91, while the immediate resistance is confluent with the 23.60 percent retracement at ₱3.40. You will find the deeper support and higher resistance levels on PRIM’s daily chart below.
Due to the more-aggressive-than-usual ascent of the price of PRIM, its historical volatility rose to nearly 352 percent, which marks PRIM with an extremely high sensitivity or risk level. PRIM is no longer a newbie-friendly stock at this sensitivity level.
Dominant Range Index
Dominant Range Index: Bearish
Last Price: ₱3.23
Intraday Low: ₱3.1300
Intraday High: ₱3.9200
VWAP: ₱3.4571
Dominant Range: ₱3.20 – ₱3.30
Market Sentiment Index – EOD – March 18, 2021
Market Sentiment Index: NEUTRAL
5 of the top 10 brokers registered a positive Net Amount
8 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱3.4353
Top 10 Players’ Selling Average: ₱3.4468
13 out of 70 participants, or 18.57% of all participants, registered a 100% BUYING activity
7 out of 70 participants, or 10.00% of all participants, registered a 100% SELLING activity
Market Sentiment Index – WTD – March 15-18, 2021
Market Sentiment Index: NEUTRAL
8 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱3.3716
Top 10 Players’ Selling Average: ₱3.4289
4 out of 71 participants, or 5.63% of all participants, registered a 100% BUYING activity
4 out of 71 participants, or 5.63% of all participants, registered a 100% SELLING activity
Market Sentiment Index – MTD – March 1-18, 2021
Market Sentiment Index: NEUTRAL
6 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: ₱3.2396
Top 10 Players’ Selling Average: ₱3.2224
3 out of 81 participants, or 3.70% of all participants, registered a 100% BUYING activity
8 out of 81 participants, or 9.88% of all participants, registered a 100% SELLING activity
Recommendations
There is no confirmed buy signal for PRIM as of today’s closing because not all of the flowchart conditions when looking for confirmed buy signals of my Evergreen Strategy 2.0 were satisfied.
How will you translate all of these data-driven interpretations if you still or already have PRIM in your portfolio?
If your trailing stop is still intact, it’s either you hold your position or reduce the percentage of risk on your trailing stop. You can use my trading calculators on https://www.equilyst.com/library/.
It’s logical to hold your position since your trailing stop is still intact and the average Market Sentiment Index of the three timeframes is neutral. You have a data-driven basis for holding your position.
It’s also logical to reduce the percentage of risk on your trailing stop if you’re a low- to moderate-risk trader or investor. The Dominant Range Index for today is bearish, anyway.
It’s a different story if you don’t know what a trailing stop is and if you’re not using it. I suspect that you’ll most likely rely on Warren Buffett’s quotes to justify (and not rectify) your growing paper loss without any regard to the percentage of risk you can only realistically handle.
On the other hand, I do not recommend entering a new position or doing a test-buy unless and until there’s a confirmed buy signal for PRIM.
If you’re one of our subscribers, you may post your request for our latest analysis on PRIM in our Private Clients Forum. As a subscriber, you can take advantage of the unlimited consultation in our Private Clients Forum.
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