A Second Look to ATLAS...
In Greek mythology, Atlas is a symbol of strength...
But recently in Philippine Financial Trading floor, Atlas symbol of strength is nowhere to be found.
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| AT Chart 10.10.14 |
From the Php15.00 closing price last September 28 the day that we feature Atlas on TnT, it weakened further, and pierced easily the 15/14.70 peso support we presented. The next support at 13.70 just last for 3 days as bears finally force the bulls out of the market last Friday's trading and settled to 13.50 just 10 cents over it's lowest price of 13.40 recorded last June 8, 2014 just 4 mos. ago.
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| AT Chart 10.10.14 |
Will the Bears continue to dominate the Bulls or Will the Bulls regain strength to give Atlas a price boast ?!
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| AT's RSI 10.10.14 |
Atlas shares already are in oversold position. The graph indicates a continued declines of AT's RSI. It's RSI hover belows the 30's for 4 consecuted days and presently at 27.0615. (Expectation of price reversal is usually expected when RSI hover below 30).
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| AT Chart 2014 |
Looking up the chart of Atlas for the entire 2014, we can clearly see there are 2 scenarios that will be decided on next week trading days for Atlas.
If the Bears defeated the Bulls at 13.40 support then a downtrend start and a bearish scenario start this 2014 for the company.
And if the Bulls can survives the onslaught of the bears at 13.40, then Atlas can regain some momentum to turn the tide to its favor and maintain it's consolidating trends in 2014.
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| AT chart August - October 2014 |
No one really can predict the market...
But I am getting my finger cross that Atlas will survive the Bears attack and the Bulls will regain its strength to triumphantly defend the 13.40 support on next week tradings.
CAVEAT !!!
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