Technical Analysis of LR & RRHI as of 28 June 2015

Below are technical analysis of LR & RRHI as of June 28, 2015:

Leisure and Resorts World Corporation (PSE:LR)

LR

$LR last traded price as of June 26, 2015 is 9.20.  The support at 50% fibonacci was broken near 9.30 area in a weekly chart.  With the current bearish trend in a weekly chart as per ichimoku elements, possible bounce at the support level at 9.10.  It may be unlikely that 61.8% fibo support at 8.64 will be tested since the current trend strength is down but weak.

In a daily chart, it seems that the price action is in range trading between a support at 9.10 and resistance level at 9.65.  Looking at the short term trend, it is still bearish.

There is another chart in a bigger time-frame as shown in a daily chart below, which I find interesting:

LR daily chart

The price action is trying to penetrate near the upper trend-line which acts as resistance level. If there is a catalyst in this stock and the trend reverses, just watch out first the resistance level at 61.8% fibo at 9.88.  However, with this triangle pattern, considering the current bearish trend both in a daily and weekly chart, just be watchful on other support levels as stated above, if the price action continues to go down.  This critical support at 8.50 should hold or else…

Robinsons Retail Holdings Inc. (PSE:RRHI)

RRHI

RRHI last traded price as of June 26, 2015 is 74.  With the current price, it broke the support level at 75.32 located at 50% fibonacci retracement.  RRHI is in bearish direction both in short and midterm trend. The current price is also sitting at its current support at 74.  If this support breaks, there is a resistance-turned support at 72 (May9, 2014) before approaching the 61.8% fibo at 71.84 if the bearish trend continues.

Some indicators are pointing downward in a weekly chart like MACD, RSI, etc but there is another signal both in daily and weekly chart which are pointing upward (despite the bearishness).  If it is a dead cat bounce, just observe also the support-turned resistance near 74.5 & 77.5. Based on actual traded prices on Friday, June 26, support and resistance levels are: 73.90, 74, 74.15, 74.25 and 74.30.

Disclaimer: This article is for information purposes only. There are risks involved with investing including loss of capital. The information provided in the website is only an opinion of the author and  does not constitute as legal advice, research or recommendation to buy or sell any securities

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