Daily PACS Nov. 28, 2011

Author’s additional notes:

Last Friday, I said that the market will rally in anticipation of good closing numbers from the DOW. The Dow indeed rallied but it was not enough to last until the closing time. It closed down by 26 points. There is still a good chance that Dow will rally tonight. Initial black Friday’s sales figure was up compared to last year. That being said, our bias will remain to the upside.

For today, we will be watching for stocks that showed strength during last Friday’s session. They are AGI whose trend reversed and is now trending up. It also includes Food which is demonstrating a good support 1.30 and MER which broke above 250 resistance level. I also mentioned that NI was already trending down and that a close above 4.19 will be the only way for it to go back to trend up again. Well, it did. Furthermore, I also went around to find out more regarding the rumored 6 pesos target for NI. It turned out that the 6 pesos target was not a rumor but instead a projected valuation based on a study done by one of a reputable brokerage house in the industry. In line with this, I did my own chart study. I am posting it here and you readers can check it out. Let me be clear that the study I did is not a recommendation to buy or sell but rather a guide to help you to make your own trading decision.

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