PHILIPPINE STOCKS: EEI (EEI CORPORATION) 4-19-2009

EEI seems to have been forming a reverse head and shoulders formation (3 arcs: The head is the biggest red arc and the shoulders are the arcs beside it) since October of last year and broke out from its downtrend last month as the price passed above the trend's resistance line (green dotted line). Are we really seeing a reverse and shoulders formation at present? Will this stock soon ripen and bound for break out? The success of the reverse head and shoulders formation in the charts of EEI will only be confirmed  once the price passes above its neckline (red horizontal line) and reaches its immediate target price of 1.7. Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 4-12-2009

PSEi, the Philippine Stock Exchange's main index, has dramatically been falling down for more than a year now along with the global markets. However, we can see from the charts that the year long decline of the PSEi has been reversed last week as the prices emerged above the downrend's resistance line (green dotted line). Is this already a reversal or just a rally?! Click image to enlarge!