8990 Holdings, Inc (PSE:HOUSE) stock last traded price is 9.76 as of 13 March 2015.
$HOUSE price action is going down for the past 3 consecutive days. In the daily chart as indicated above, it is approaching near the lower trendline after rejecting the high at 10.50. If this trendline will be broken, a strong support is located at 38.2% fibonacci retracement at 9.06. A noteworthy fact is that although it is bearish based on 3 candles but the short term trend is still bullish but weak as it is entering the cloud which acts as support based on ichimoku elements. Indicators are still showing a downward signal.
Looking at the weekly chart:
The last candle is bearish. With this pullback on uptrend, the resistance-turned support areas are: 9.03, 8.77. However, the midterm trend is still bullish.
Important to observe is the price action in a short term will hold its support near 9.5, otherwise selling pressure is highly possible near the resistance-turned support at 9.03. Let’s observe first if the support around 9.06/9.03 will be retested before we consider other support at 8.77 and 8.39. Please note that some indicators in a weekly chart is showing a downward signal. If the current trend continues, short and midterm trend may reverse and become bearish soon.
As of this writing, the midterm trend is still intact.
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