Manila, Philippines

Technical Analysis: Global Ferronickel Holdings (FNI)

Technical Analysis FNI 20170718
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Sharing with you a humble attempt at charting PSE: FNI (Global Ferronickel Holdings) with the use of Fibonacci retracements. Once again, caveat emptor. This is neither a recommendation to buy nor to sell. Each Juan of us is responsible for taking care (and growing) our hard earned money.

FNI LogoBelow is a chart of FNI daily overlaid by Fibonacci ratios from a major high late in 2016 to it’s lows so far this year which has been respected multiple times. To avoid clutter on the charts, I numbered my notes instead:

Technical Analysis FNI 20170718

Technical Analysis FNI 20170718

  1. Four (4) repeated attempts to break resistance at 23.6% retracement at 2.77 area but these previous attempts were done in fewer days/ steeper climbs.
  2. Closed at 2.77 today which is the 23.6% retracement from Nov2016 highs and ~2.33 lows / support. Can PSE: FNI break the resistance this time, as it approached the resistance with a slower pace (almost 1 month) compared to previous attempts?
  3. Amazing that on it’s way down, it has been respecting key levels which eventually will be the 61.8% and 78.6% retracements as the stock price is trying to recover. So historically important price levels have now coincided with Fibo-ratios. These will be important price levels when the price gets there, whenever that is.
  4. EMAs offering short-term support.
  5. Volumes still thin though compared to volume surge in Feb17 and May17 and compared to usual volumes prior to Feb17.
  6. Stochastics remain bullish, with another cross-over recently. For a review of stochastics, click here.
  7. MACD / Histogram bullish since mid-June but divergence not as pronounced. For a refresher on MACD, click here.
  8. RSI trending up but not yet overbought. For a review of RSI, click here.

Looking at multiple time frames:

  • Yearly: Range-bound (Feb onwards) but still below 2017 opening price of 2.86. If the trend continues, range is broken and we might reach 2.86 soon. We’ll see if the trend will hold or tumble.
  • Monthly: Bullish (so far). June was a pivot candle.
  • Weekly: Bullish (so far)

Let’s see how the rest of the week goes for FNI!

Once again, caveat emptor. Stocks trading is risky so manage your risks, keep your losses minimum but don’t lose the learning. Stocks investing though comes with lesser risk.

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Photos from COLFinancial and PSE Edge.

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 PH Stock Market PSE: FNI

3 Responses

  1. Geri says:

    7/25 FNI untog. Fell to below 2.5 company has been buying back shares though.

  2. Geri says:

    2.86 is a crucial price point looking at Feb Mar and Apr monthly candles

  3. Geri says:

    Disclosure from $FNI today it was buying back its shares yesterday, Jul 18. It bought 1M shares at average price of 2.7638/sh. -PSE Edge
    That explains why upon looking at the price action, it was in a tight range. Is it good or bad? We’ll find out.
    #nohype just facts

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