Is TECH too cheap to ignore now? Can we buy it now?
Cirtek Holdings Philippines Corporation (PSE:TECH) is currently trading at 17.68 per share as of the time of writing this post. It’s up by 4.73 percent.
Foreign investors are on a Net Foreign Buying worth P48,918.00, an insignificant amount so I am not going to factor that in my overall sentiment.
The immediate support is near 15.85 while the resistance is in confluence with the 61.8 percent retracement of the Down Fibonacci, which is 24.50. If and when it breaks above 24.50, the next resistance will be 29.
Are you a newbie trader? Then, be informed that TECH has a high risk level based on its historical volatility score of 96 percent.
The force of the downward momentum remains strong, however. RSI is still near its classical oversold level. Apparently, it respects the support it found near 15.85. Not because it’s oversold, it doesn’t meant you should buy TECH right away.
That’s the reason why I am not confident to enter a new position on TECH yet despite the validation of of my 10SMACD combo. For one, my Fantastic Four signals are not yet present.
What’s 10SMACD? What are the Fantastic Four signals? Attend The Evergreen Strategy in Trading the Philippine Stock Market seminar near your place so you’ll know more about this.
Trade-Volume Distribution
Last Price: 17.74
VWAP: 18.12878737
Most Traded: 18.66 – 18.5
Most Voluminous: 17.5 – 18.5
The dominant range is closer to the intraday low than the intraday high. That tells me to be more cautious than excited in wanting to enter a new position. This tells me of a strong possibility for the descent in price to continue.
True Market Sentiment
True Market Sentiment of TECH as of Jul-18-2019 at 02:33PM, with a last price of 17.7400.
5 of the top 10 brokers registered a positive Net Amount
3 of the top 10 brokers have a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 18.1642
Top 10 Players’ Selling Average: 18.2014
Bonus Info:
11 out of 39 participants or 28.21% of all participants registered a 100% BUYING activity
9 out of 39 participants or 23.08% of all participants registered a 100% SELLING activity
The bearish true market sentiment does not boost my confidence to entertain the idea of doing a test-buy. While the Day Change is positive as of the time of writing this post, my proprietary method of doing technical analysis gives me lots of bearish signals.
Recommendations
Entertain the idea of doing a test-buy if and when the Fantastic Four signals become present, provided the validation of the 10SMACD combo remains true. TECH is not out of the woods yet. It needs to break several resistance levels. I am still bearish on TECH.
If you’re a subscriber of Equilyst Analytics, please post a request of TECH’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum so we can give you our latest recommendation. Recommendations change when trade-volume distribution changes.
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