Let’s give a round of applause to @markminervini_vcp for being this week’s Featured Trader!
@markminervini_vcp has been a member of the Investagrams community since April 2016 and has been very active as he posted multiple times, always sharing his thoughts on views on some of his trades.
A few days ago, our featured trader posted his technical analysis in $PRIM, a hot stock in the local market. $PRIM has been on an uptrend almost reaching 52-wk highs at 3.35 ish!
As the stock is in an uptrend, @markminervini_vcp predicted its support, the weak candle, pullback, and flag breakout on the chart that were bound for the breakout. @markminervini_vcp felt that this was a momentum stock for him to play.
TECHNICALS OF THE TRADE
Technically speaking, $PRIM has proven to be a strong stock in the Philippine Stock market. While others are falling, $PRIM is showing strength as it continues to move upwards strongly. It came from a breakout at the1.6 area before surging to 3 pesos onwards. There was also a surge in the volume traded as $PRIM became more attractive to consumers.
@markminervini_vcp was confident that prices will surge as he predicted. He found a good entry for a momentum play while considering the support and pullback area.
FUNDAMENTAL CATALYST
Prime Media Holdings, Inc. is a holding company that provides loans, domestic fund transfers, and trust services. Despite the poor financial statements, the company’s stock market price is still surging. Thus, $PRIM has been a speculative bet for traders and investors. It is still unknown whether $PRIM will continue its trend or not. Thus, it is best to observe $PRIM while considering the sentiment of the market.
WHAT SHOULD BE MY NEXT MOVE
As the move has already happened, it would be wiser to observe and wait for what $PRIM might do next before riding-in with the wave of the stock. It is still unsure whether $PRIM will continue to rise, so it’s best to wait for a consolidation or a good entry near its support for a better risk to reward trade. Further to that, it would be advisable to trade lightly and in tranches in order to be cautious about your trades especially since the overall market is currently unstable.
Once again, KUDOS to @markminervini_vcp for being this week’s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.
