{"id":20174,"date":"2011-03-17T01:42:58","date_gmt":"2011-03-17T05:42:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20174"},"modified":"2011-03-17T01:42:58","modified_gmt":"2011-03-17T05:42:58","slug":"energy-development-corporation-edc-bulls-ready-to-be-awaken","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/17\/energy-development-corporation-edc-bulls-ready-to-be-awaken\/","title":{"rendered":"Energy Development Corporation (EDC) Bulls Ready To Be Awaken"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Energy Development Corporation<\/a> or EDC in the Philippine Stock Exchange has been consolidating sideways for 5 months now after a good run up since 2009. Fortunately, it could be set for another move higher as it appeared to have formed what looks like a symmetrical triangle<\/a> during the consolidation process. A break above the triangle’s resistance is all we need to confirm the chart pattern<\/a>. Actually, this could already have broken out today but its 2.4% gain and buying pressure wasn’t strong enough. The stock price opened at PHP<\/a>5.92, went all the way up to PHP6.15 as it tested the resistance and went down to close at PHP6.08.<\/p>\n

In any case the bulls awaken and the EDC stocks break out from the symmetrical triangle, a race towards my target price of PHP7.10 is very reachable. That’s more than 16% profit from its current price, not bad eh! However, before it reaches that level, it first needs to surpass the PHP6.55 all-time high where there could be some heavy selling pressure. On the downside, its significant support is the 2-year uptrend<\/a>. If it further drops below that area, the next marker could be triangle’s support.<\/p>\n

Personally, I’m bullish with this chart pattern given the fact that the 2-year uptrend is intact, the MACD moves above the 0 line and the stock price is above the 100 and 200 moving averages. I’m actually expecting a breakout soon. I may be wrong but I’ve seen many stocks rise upon breaking out from triangles like this. Still, it’s the best to always have a stop loss in hand in case the trade goes against you. A breakout could be a strategic entry with a stop loss placed below the triangle’s support if you’d ask me.<\/p>\n

More on LaidTrades.com<\/a> …<\/p>\n","protected":false},"excerpt":{"rendered":"

Energy Development Corporation or EDC in the Philippine Stock Exchange has been consolidating sideways for 5 months now after a good run up since 2009. Fortunately, it could be set for another move higher as it appeared to have formed what looks like a symmetrical triangle during the consolidation process. A break above the triangle’s resistance is all … <\/p>\n

Continue reading “Energy Development Corporation (EDC) Bulls Ready To Be Awaken”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20174","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20174"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20174\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}