Nickel Asia Corporation Technical Analysis
Nickel Asia Corporation (NIKL) closed at P6.32 per share, up by 8.03 percent, on February 22, 2021. The total turnover value reached P240.48 million.
The foreign investors’ participation’s size is quite noticeable, which started in the last week of October 2020. Did you know that they’ve been on a net buying mode for 10 consecutive trading days already? Today, they registered a net foreign buying worth nearly P48 million.
NIKL’s ascent is supported with volume. I see two towering volume bars registered in the two past consecutive trading days, which are both higher than 100 percent of NIKL’s prevailing 10-day volume average during the said days.
Despite the bullishness of the NIKL, it managed to maintain a 10-day historical volatility score below 70 percent, which makes it a moderate-risk stock.
Using the 14-day standard smoothing period in my Directional Movement Index, I see that the +DMI registers a bullish divergence from the -DMI, which is in favor of the bulls, of course. However, I prefer to see the Average Directional Index’s score touch the 20-point mark to validate a strong upward momentum. But what more can you ask for? NIKL’s has risen from P1.40/sh to P6.30/sh since May 2020.
The immediate support sits at P6.00, while the immediate resistance stands at P7.50. If NIKL retreats, P5.30 will be its support level.
Based on my Evergreen Strategy 1.0, the stock will only get a confirmed buy signal if its 10SMACD and Momentum Power Indicator are both bullish. NIKL’s 10SMACD is bullish. Let’s proceed to my trade-volume distribution analysis to know the status of its Momentum Power Indicator.
Trade-Volume Distribution Analysis
Last Price: ₱6.32
Intraday Low: ₱5.9600
Intraday High: ₱6.4100
VWAP: ₱6.2614
Dominant Range: ₱6.28 – ₱6.40
NIKL got a bullish Momentum Power Indicator since all of its parameters are bullish. This mining stock has a confirmed buy signal. But don’t be too quick to decide to buy. Consider what the overall True Market Sentiment says, too.
True Market Sentiment EOD – February 22, 2021
True Market Sentiment: NEUTRAL
5 of the top 10 brokers registered a positive Net Amount
6 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱6.2722
Top 10 Players’ Selling Average: ₱6.2611
10 out of 83 participants, or 12.05% of all participants, registered a 100% BUYING activity
30 out of 83 participants, or 36.14% of all participants, registered a 100% SELLING activity
True Market Sentiment MTD – February 1-22, 2021
True Market Sentiment: BEARISH
4 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: ₱5.6688
Top 10 Players’ Selling Average: ₱5.7926
8 out of 101 participants, or 7.92% of all participants, registered a 100% BUYING activity
17 out of 101 participants or 16.83% of all participants registered a 100% SELLING activity
It’s a topsy-turvy overall True Market Sentiment across two timeframes. It’s neutral with a bearish bias. It seems NIKL is more likely to rest a bit as it temp-checks the appetite of the investing public to buy more. Watch out for the daily moves of Wealth Securities and Deutsche Regis Partners. If these two start to register a net selling amount for 2 to 3 consecutive days, it’ll be more likely for the trend to continue to move toward the immediate support. Ask for our latest True Market Sentiment (EOD) chart and statistics in our Private Clients Forum (for our subscribers only).
Recommendations
If you already have a base on NIKL and if your trailing stop is intact, you have two options.
Option 1: Top up within the prevailing dominant range if you have a high-risk tolerance.
Option 2: Hold your position if you have a low-risk level due to the neutral (with bearish bias) overall True Market Sentiment.
If you don’t have a position on NIKL, you may consider the two options I mentioned above, depending on your risk level. Of course, you must calculate your reward-to-risk ratio first. Only when you are satisfied with the ratio should you position to buy within the prevailing dominant range.
If the dominant range I indicated above doesn’t show up within the first 3 to 5 minutes of trading by the next trading day, please ask for NIKL’s latest trade-volume distribution in our Private Clients Forum (for our subscribers only).
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