8990 Holdings, Inc: Will $HOUSE uptrend continue?

8990 Holdings, Inc (PSE:HOUSE) stock last traded price is 9.76 as of 13 March 2015.

House as of 13 March

$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:

House weekly

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.

Note:  Please share this post if you find it interesting.

Leave a Reply