Saturday, August 17, 2013
just charts: JFC/Jollibee Foods Corporation (17 aug 2013)
jfc chart as of 16 aug 2013
(click on the chart to enlarge)
1. jfc retreated friday for the first time after 8 days of successive green candlestiks ... closing lower@176 after first attempting to breach the 180 psychological resistance ... reaching a high of 179.50 intraday
2. the macd histogram changed direction ... now pointing south ...
3. the sts is also lower ... altho still@the oberbot zone ...
4. profit taking ensued on an already overextended jfc rally ... with the 180-pesos psych resistance providing the justification for short term traders to end the week by closing their long positions ...
5. hopefully profit taking will continue on jfc next week to bring it lower still and set up another reentry for the next cycle ..
for an explanation of the indicators ... click: herefor reference .. you may also want to read: my trading rules
p.s. readers are encouraged to check out the stocks' charts themselves .. using the values for each of the indicators (the values for the indicators are the default values used in citiseconline.com's charts) ... in the absence of any personal charting program, the pse website's charts are enough for the purpose