WLCON:
- Weekly Chart is improving (MACD about to cross up, big green candle)
- Daily Chart is also improving (MACD showing Buy signal, above 0, 3 green candles)
- Strong support at Php 8 per share
- Bollinger Bands (20 day MA) about to cross up 50 day MA (Daily)
- Price is outside the upper Bollinger Band
If I were positioned in this, I would hold and see if it reaches the next resistance of 9. If broken, hold until 9.5. Possible sell if the resistances are not broken.
If I were looking to buy, I would wait until the price goes back inside the Bollinger bands, preferrably at support zones of 8.5 or 8.3. Another option is to set a buy near the 20 day MA.
The stock has broken two resistance levels (8.3 and 8.5) in the recent days, and volume shows conviction. Set your profit and stop losses accordingly, and ride the momentum!
These are merely my own analysis as a swing trader, and not any recommendation to buy or sell. Please study the charts and stocks before executing your own trades.
Learn how I analyze stocks using my trading system.