Premiere Horizon Alliance Corporation (PHA) Technical Analysis
Premiere Horizon Alliance Corporation (PHA) closed on March 3, 2021 at ₱2.96, down by 5.73 percent, with a total turnover value of ₱1.07 billion. The foreign investors only contributed nearly 19 percent of the total turnover value and only registered an insignificant Net Foreign Buying worth ₱4.2 million.
PHA’s immediate support is near ₱2.63, while its immediate resistance is near ₱3.23. If and when PHA breaks above the immediate resistance, we’re looking at ₱4.20 as the next resistance, confluent with the 61.80 percent extension of the Up Fibonacci.
Mere observation will tell you that the immediate resistance at ₱3.23 is quite strong. It was tested several times this 2021 already. I am not expecting significant support from the foreign investors since they have an erratic presence on this stock. The support that PHA needs is a green volume bar higher than the 100 percent of PHA’s 10-day volume average.
Today’s red volume bar higher than the 100 percent of PHA’s 10-day volume average validates the strong selling pressure.
MACD’s still moving below the signal line, and I don’t see any form of a bullish convergence between the two lines.
If this selling pressure continues this week, we might see PHA moving below the 10-day simple moving average. If that happens, we might see the price near the support at ₱2.63 before the end of this week.
PHA has an extremely high sensitivity level already due to its 10-day historical volatility score of 113 percent. It’s extremely erratic already. It’s not a newbie-friendly stock already, so to say.
While the DMI histogram, by classical interpretation, still shows that the upward moment is still strong, I strongly advise that you factor in all the bearish signals I mentioned above. Also, factor in what my Market Sentiment Index tells.
Dominant Range Index
Dominant Range Index: Bearish
Last Price: ₱2.96
Intraday Low: ₱2.9300
Intraday High: ₱3.4500
VWAP: ₱3.1398
Dominant Range: ₱2.96 – ₱3.05
My Evergreen Strategy 2.0 already tells that PHA has no confirmed buy signal as of closing on March 3, 2021. For one, the dominant range is closer to the intraday low than the intraday high, and the last price is lower than the volume-weighted average price (VWAP).
Market Sentiment Index EOD – March 3, 2021
Market Sentiment Index: BEARISH
5 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: ₱3.1296
Top 10 Players’ Selling Average: ₱3.1535
8 out of 88 participants, or 9.09% of all participants, registered a 100% BUYING activity
9 out of 88 participants, or 10.23% of all participants, registered a 100% SELLING activity
Market Sentiment Index WTD – March 1-3, 2021
Market Sentiment Index: 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: ₱3.0883
Top 10 Players’ Selling Average: ₱3.1027
5 out of 95 participants, or 5.26% of all participants, registered a 100% BUYING activity
10 out of 95 participants, or 10.53% of all participants, registered a 100% SELLING activity
The overall Market Sentiment Index across two timeframes is bearish. All things, except for the DMI, are on the side of the bears.
Recommendations
Do you have PHA, and is your trailing stop still intact? Hold your position (and do not top-up) if you’re a high-risk investor. Otherwise, reduce the percentage of risk on your trailing stop. You can use my trailing stop calculator.
You don’t have PHA yet, but you’re planning to do a test-buy? Postpone that plan unless and until a confirmed buy signal is spotted. Feel free to ask for our latest analysis on PHA in our Private Clients Forum any time you want and as often as you deem necessary.
Suppose you already watched my online stock market course (Evergreen Strategy 2.0). In that case, you may only request PHA’s Dominant Range Index and Market Sentiment Index charts and statistics in our Private Clients Forum. You should be able to identify on your own if it has a confirmed buy signal when you follow the flow chart I presented in the stock market course.
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