The recent short term breakdown of MPI from its 3.30 support has left this stock selling massively at 3.11. Using 2010 earnings, PE ratio is currently at 15, below its historical average of 17 PE and overal market current average of 16 PE. (The recent 3.11 dive was caught by its strong uptrend line and short term dowtrend with RSI of 27.) Resistances, at this point, is at 3.30- the breakdown pivot- and breakout at that level can bring us to a slight resistance of 3.50-ish and eventually to our year-end target of 4.00. BUY- Accumulate if it consilidate near 3.11
There is a new possible uptrend support for RCB. Last time in our http://theamazingchart.blogspot.com/2011/01/bdo-rcb-mpi-1-30-2011.html, we had a BUY rating if price hits around 24 after breaking down from 26, but it only managed to get to as low as 25 only. Last week’s news of World Bank buying 4% stake in RCB ignited the stock’s price and shot up to 28.80. This week, it managed to escape the 26.00 resistance and is posing to breakout of its wedge pattern. A clear breakout at 27 can send this stock to an initial resistance of 28.8-29.0. And then to its 52-week high of 31. Currently, I think this is the cheapest stock in the banking sector so far. The others (BDO, PNB) already started the upward race, and RCB might be well on its way. BUY near 26.0 support
Growth of JGS might be on the slow pace this year mainly due to the impact of high oil prices on CEB, slower growth for RLC, among others. Techincals seem like on the neutral rating. With a very strong resistance around 22.50-23.00 and another strong resistance in 25ish, but its negative divergence last October 2010 might still have some impact on its short term outlook. NEUTRAL rating for this stock.
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