Hello traders! My Philippine stock pick for the week is Oriental Peninsula Resources Group, Inc. or ORE as listed in the Philippine Stock Exchange. Oriental Peninsula is a
Oriental Peninsula stocks or ORE in the Philippine Stock Exchange broke out (red circle) from a major resistance line (green dotted line) last May 4, 2010 but it doesn’t look convincing as the price hasn’t continued to rise or it may be just consolidating in preparation for another strike up, it’s hard to tell. Still, we see an uptrend on the mentioned company as the support line remains intact (violet dotted line). Aside from that, there is a 3-month trading range (indicated by the yellow lines) and the price looks to continue to move that way until any breaks on the range’s support or resistance occurs. Also, I’ve noticed for 4 months now, there has been good volume traded daily (indicated by the black circle) compared to how it was almost illiquid back in 2008 and 2009.
Oriental Peninsula Resources or ORE as listed in the Philippine Stock Exchange has broken out (indicated by the red circle) from a major resistance line (green dotted line) as it closed today at 2.1 pesos per share. It had taken out its psychological resistance at 2 pesos and we may possibly be seeing the price heading towards the 2.38 resistance (blue dotted line) this week. Entering at the current price, below 2 pesos would be my stop loss
