Axelum Resources Corp. (AXLM) closed at 4.59 per share, down by 2.13 percent, as of 12 noon on October 8, 2019, Tuesday.
The total turnover value reached P108.82 million with a measly Net Foreign Buying worth P2.44 million. Local investors are the main traders of AXLM in the first half of trading today.
Since this is just the second day of AXLM in the PSE, I am not going to check the status of my 10SMACD combo and Momentum Power Indicator yet.
But I can still make a data-driven forecast of the next probable direction of AXLM in the second half of trading this afternoon through my Trade-Volume Distribution and True Market Sentiment charts.
I don’t need to use intraday charts because of these two charts that I have. With an intraday chart, you can’t see the dominant range that got the biggest volume and the highest number of trades. With my Trade-Volume Distribution chart, you can see, at a glance, the favorite spot of the traders.
Last Price: 4.59
Most Traded: 4.55 – 4.58
Most Voluminous: 4.55 – 4.58
I see two dominant ranges in the Trade-Volume Distribution chart of AXLM from 9:30am to 12 noon. The first dominant range is between 4.55 and 4.60. The second one is between 4.34 and 4.50.
Since the first dominant range is closer to the intraday high than the intraday low, it’s probable to see AXLM moving closer to its intraday high of 4.66. If and when this happens, it’ll increase the likelihood of seeing AXLM closing with a positive Day Change today.
However, if AXLM will re-enter the second dominant range, it’ll increase the likelihood of seeing AXLM staying in the negative Day Change on its second day.
If you have AXLM, you don’t want to see it moving lower than 4.55 apiece.
Nonetheless, please note that these are all conditional statements. Sentiments change when the trade and volume distribution changes.
That’s why if you are an Equilyst Analytics subscriber, you must take advantage of your access to our Private Clients Forum so you can request for any stock’s Trade-Volume Distribution chart and analysis.
True Market Sentiment
True Market Sentiment of AXLM as of Oct-08-2019 at 12:00PM, with a last price of 4.5900.
4 of the top 10 brokers registered a positive Net Amount
5 of the top 10 brokers registered a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 4.4838
Top 10 Players’ Selling Average: 4.4894
12 out of 75 participants or 16.00% of all participants registered a 100% BUYING activity
14 out of 75 participants or 18.67% of all participants registered a 100% SELLING activity
This bearish True Market Sentiment shows that the majority of the top 10 brokers of AXLM are still somewhat adamant to buy at a higher price.
This is why even if the prevailing dominant range is still closer to the intraday high than the intraday low, I cannot say that the bulls have the “home court advantage” already. It’s still everyone’s game.
But if this bearish True Market Sentiment will change to bullish this afternoon, we might see AXLM closing in a positive Day Change.
Again, if you’re an Equilyst Analytics subscriber, please request for this stock’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum so we can guide you as trading happens.
Wait for the True Market Sentiment to become bullish and for the dominant range to stay closer to the intraday high than the intraday low before doing a test-buy on AXLM.
I know you want to be ahead of others in entering a new position right before AXLM shows confirmed signs of reversals. In your pursuit of being ahead, make sure you’re not the only enthusiastic and excited person who’d like to enter a new position on AXLM unless you have at least P1 billion. If you don’t have P1 billion, wait for the True Market Sentiment to become bullish. At least, once it becomes bullish, you know that there are deep-pocketed investors who are as excited as you are in wanting to enter a new position on AXLM.