Local mining stocks had been showing strength. Atlas Mining had already broken its monthly senkou B resistance last week as it broke above 7.25. It closed today at its next resistance level of 8.80. However the kumo points to further upside of 14 IF 8.80 breaks. This old lady finds it pretty stressful to rely on daily charts and so I prefer to see the bigger picture, the monthly chart first, to guide me , along with the weekly charts.
Top mining names, Philex (PX),and Nickel Asia (NIKL) are a hairline away from their monthly senkou B resistances . PX key level to break is at P6.50. It closed today at 6.35. If broken, the chikou span resistance points to P8 next, other resistances at 11.75, 15.80 , 18.40, 28.95… Don’t get too excited just yet…let’s take one step at a time…
NIKL closed two ticks away from its senkou B monthly reistance at 5.48, closing today at 5.46. If broken, this little tease will take the bulls on a spectacular ride as there are no more major kumo resistances to worry about, as that level is the only remaining chikou span resistance in the monthly chart.
Lepanto Consolidated (LC) seems to be in accumulation mode, as it had not even begun to resume challenge of its monthly kumo resistance at .215 after its failed breakout on January 2021. If successful this time around, the chikou span will find its next flat top kumo resistance at .68 and if strong enough to break that, it will challenge to the P1.00 level that was its pivot point from its glory days in 2011.
Interestingly, this old lady’s favorite mining play, slow and low key name, Manila Mining had already broken above its monthly senkou B resistance of .0125 and is now challenging the tenkan sen at .014. The daily chart shows the flat top kumo at .015. A break of this will send my beloved MA to .038 first, then .04 later.
FNI had already successfully broken above the chikou span’s kijun sen resistance in the monthly chart at 2.45. However, it decided to take a breather as it consolidated for the past 4 months. The good news is that it is still above that said resistance. The 3.20 level is key. A break will bring this to 4.30. The senkou B resisatnce points to 6.20 and 7 as targets IF 4.30 breaks.
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