Prime Media Holdings, Inc. (PSE:PRIM) closed on July 17, 2019 at 1.74, down by 3.87 percent. Foreign investors registered a Net Foreign Buying worth P3 million. That’s an insignificant amount relative to how foreign investors trade index stocks.
The immediate support is near 1.50 while the immediate resistance is near 1.80. It is in this 1.80 level that RSI touched the classical overbought level. PRIM has been struggling to pierce the resistance at 1.80 since the beginning of July 2019.
While my favorite 10SMACD combo is present, my Fantastic Four are absent.
The Fantastic Four Signals are:
– the last candlestick must be green
– the last price must be above the volume weighted average price
– the last volume bar must be green and at least above the 50% of the stock’s 10-day volume average
– the dominant range must be closer to the intraday high than the intraday low
While the still seems strong, PRIM has shown signs of hesitations trying to break above 1.80. There were already more or less eight unsuccessful attempts to break out and stay above 1.80 since the first week of July 2019.
Trade-Volume Distribution
Last Price: 1.74
VWAP: 1.810705009
Most Traded: 1.89 – 1.75
Most Voluminous: 1.91 – 1.74
The trade-volume distribution shows that the dominant range is still closer to the intraday low than the intraday high. On the other hand, I can still sense the indecision among traders since trades and volume are seemed to be distributed almost evenly from the intraday high to the intraday low.
True Market Sentiment
True Market Sentiment of PRIM as of Jul-17-2019 at 03:30PM, with a last price of 01.7400.
6 of the top 10 brokers registered a positive Net Amount
6 of the top 10 brokers have a higher Buying Average than Selling Average
True Market Sentiment: BULLISH
Top 10 Players’ Buying Average: 1.8137
Top 10 Players’ Selling Average: 1.8114
Bonus Info:
11 out of 56 participants or 19.64% of all participants registered a 100% BUYING activity
10 out of 56 participants or 17.86% of all participants registered a 100% SELLING activity
Given today’s bullish true market sentiment, this brings up the possibility for PRIM to just move back and forth between the position of its 10SMA and the resistance at 1.80.
Recommendations
If you have PRIM and it’s moving above your trailing stop loss, I suggest that you pre-empt your trailing stop loss by selling a few tranches but don’t do this if your total holdings on PRIM cost less than P20,000.00.
If you do not have PRIM but are planning to enter a new position, you’re better off waiting for a breakout above 1.80. Once it happens, re-assess if the upward momentum is still strong by checking if the 10SMACD and Fantastic Four signals are still present.
Are you a subscriber of Equilyst Analytics? Please post a request for the stock’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum if and when PRIM starts at a price higher or lower than the dominant range I mentioned above.
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