All PSE companies are nowhere to go, we have been stagnant for 4300-4370 for the past 2 weeks.
Some stocks like MEG and BPI are the only ones who tried to rally high despite European Crisis.
One of the largest property play was MEG, from a low of 1.70s, it went to as high as 2.08 yesterday, For me it is a Very Strong resistance point since it has been a downtrend channel for months time now. See chart.
On my own opinion, its a SELL, but Citisec is promoting that their analysis is a breakout and a trading but, let us see who got it correctly. Trading Buy near the downtrend channel 1.70-1.80.
Meanwhile, for BPI, they got a small Q3 2011 increase YOY, making the fair value at almost the same level, I remember when I sold my stock at 60-61, and it went to as high as 58 yesterday. A selling point? Yes, people sold off the news, now it came back to 55 level, and may be best to avoid this stock, Buy below 50 with BPI’s attitude to increase profits YOY.
Hong Kong Market.
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