POSTED AT 9:35 AM at Simple Trader at Bookaka.com
3 min chart
This was the Philex Petroleum chart posted at Simple Trader Premium at Bookaka.com on Sept. 21, 2017 identifying the target of the cup and handle pattern at 10.20.
Price high today, Sept 26 was at 10.10, ten cents short of the target, before prices started to fall to today’s low of 7.50.
The 7.50 level is an important level for PXP.
It had been resistance in 2011. It was support in 2013
7.75 was the midline of the trading range for 2014 .
If this will again be a strong support in 2017, then the 7.50 low today should hold in the coming days.
Posted at Simple Trader Bookaka.com on Sept 23
BKR hit resistance at .618 reverse fibo level
APX Posted at Simple Trader premium on Sept. 22, 2017
Current high 2.08
I posted this at Bookaka last March. It was near its bottom on March 2016.
I ignored it due to low volumes for the next few months.
It made a strong price movement last week, mid September then consolidated a few days in a flag.
I entered when it broke above 1.98 and added on the way up on September 21, 2017.
The strong resistance was at 2.40
I sold 75% of my shares at 2.40 as it retested that level many times in the morning. 97 % of my funds were in this stock and the volumes for BKR sometimes dries up so I had to take precaution.
I held the remaining shares . Price went up to 2.66. My with cut loss point for the remaining shares was at 2.40.
I sold all when momentum to the downside was increasing. I sold earlier at 2.45 while buying volume was still present.
Here is my portfolio today showing the entry level . Average selling price at 2.40.
There were 121 declines, 69 advances, and 54 unchanged issues in he Philippine Stock Market today, Sept. 19, 2017, with the PSE index closing at -131 or a 1.59% loss.
The PSE index leaders such as AC ALI SMPH DMC SM PGOLD made strong upside movements for the past few days, with some making new highs .
So why the huge drop today? If you are using Fibonacci levels to measure price targets , you would not have been surprised.
Discounting any news, good or bad,the market will always react to these Fibonacci levels.
Here are some charts showing Fibonacci levels as resistances.