We would like to congratulate our featured trader for this week: TechnicalsbyBinsoydgreat a.k.a @puretechnicalsbybinsoy!
Despite frustrations in current market conditions, Binsoy still remains patient, diligently sharing stock updates in his stock picks: $PSE:BSC, $PSE:PHA, $PSE:APL, $PSE:ACEN, and $PSE:PPC . Unlike many traders in the community who have fallen silent during the market’s trip to Chinatown, Binsoy still continues to share his sentiments and expected scenarios.
Binsoy is currently looking at $PSE:MRC, plotting historical support and resistance levels and fibonacci retracement levels, waiting for the perfect time for a re-entry. Binsoy applies the Elliott Wave Theory in his trades. And with $PSE:MRC invalidating the corrective waves, Binsoy changes the game plan and braces for the dip. At present, Binsoy is waiting for a catalyst for MRC and hints at possible consolidation due to decreasing volume.
Binsoy also shared his insights with $PSE:MM after it broke out from the Trendline support and the Darvas box around the 7 peso level down to the 6.6 peso level. Binsoy plotted a key support level around the 6.48 to 6.31 levels, with the price close to hugging the support level. The last candle, which formed an inverted hammer, indicates a possible bounce on the support line. Decreasing volume suggests that the stock is resting from last week’s bullish movement.
ACENatics are covered by Binsoy in his $PSE:ACEN stock update. Binsoy looks at the current pattern as promising, with the Elliott Wave count being obeyed as expected. The bounce on the 5.8 levels after the C wave is very favorable for ACENatics in the community as the price movement, backed with strong volume, shows signs of high demand. A possible Bullish Engulfing pattern can shoot $ACEN up to Binsoy’s resistance 1 at 6.62 or even up to resistance 2 at 7.05 next week should strong demand continue.
Patience to those waiting for re-entry and kudos once more to TechnicalsbyBinsoydgreat a.k.a @puretechnicalsbybinsoy for constantly sharing stock updates and highlighting the available opportunities during these times. And as appreciation to your relentless contribution to our trading community, your 1-Month InvestaPRO is on its way!
