Here’s the stock in focus:
GLOBAL FERRONICKEL HOLDINGS INC (FNI)
Global Ferronickel Holdings Inc (PSE:FNI) is in a trading range between 1.80 to 1.92. This is supported by its RSI which is neither oversold nor overbought and ADX which is chopping around sideways.
Considering that short and midterm trend is still bearish as per ichimoku elements, a support at 1.76 breaks, another support at 1.75 and 1.73 should hold.
Last May 15, I thought that it formed a sideways triangle pattern like this one:
But today’s closing price formed a descending triangle as described below:
This descending triangle or right angle triangle, which is a valid descending triangle since the bottom (low) can be found at 1.76 (May 12 & May 18, 2015 low). In a descending triangle, two or more comparable lows form a horizontal line at the bottom.
If this will validate the descending triangle, just observe the break of the support at 1.73. What would be the sentiment in the break of support? The global news, Nickel Falls As Inventories Rise dated 15 May 2015 could be a short term factor.
With this current price at 1.77, margin of safety is high.
PHOENIX SEMICONDUCTOR PHILIPPINES CORP (PSE:PSPC)
PSPC price action seems slowly moving up. Some indicators are showing short term bullishness but the overall short term trend is still bearish.
I’m looking at 3 support-turned resistance levels at 2.43, 2.52 and 2.55 while revisiting support at 2.22 is unlikely.
BELLE CORPORATION (PSE:BEL)
BEL is becoming attractive while near at all-time low. My previous technical analysis on BEL dated March 27, 2015 is exactly the trend now however, in a daily chart, it is in a range trading. Midterm trend is still in strong bearish direction as per ADX however, the volume while on downtrend is decreasing. Trend reversal may happen soon.
Looking at the current plans of the Company:
1. Belle is spending P3 billion to P4 billion in capital expenditures for this year.
2. The Company’s Vice Chairman said that the Company is planning to spend the amount to complete some of its developments in Tagaytay. It is expected to complete the last phase of its Lakeside Fairways and its 27-hole golf course in Tagaytay Midlands in Batangas.
3. Belle said it is now on its seventh phase of Lakeside Fairways apart from the nine holes of Tagaytay Midland golf course. Both projects are expected to attain 100-percent completion in 2015
4. The company is also targeting to complete its Sycamore Heights, a 26-hectare gated community being developed into 336 residential lots averaging 352 square meters per lot.
5. Five (5) investment analysts 5 covering Belle Corporation has (3) buy recommendation while (2) outperform with fair value at 7.69 (high), 6.77 (med) and 5.76 (low) source: Financial Times