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Ron Acoba is the co-founder and managing partner of He has been involved in the financial market since 2002. Technical analysis is his main tool in forecasting price action of equities and forex but he is also versed in fundamentals and financial analysis. He has an MBA degree... More
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  • The NZD/JPY Setup

    The New Zealand dollar increased its value by 20% against the Japanese Yen (NZD/JPY) from 55.00 to 66.00 in less than a month. Afterwards it started consolidating sideways as seen in the 4-hour chart above. In the process, there could be a bullish setup particularly a 1-month symmetrical triangle forming which could propel this forex pair to rise once more. Upon breakout from the said pattern, my target price is set to 68.50. I got this by adding the triangle’s size to the possible breakout point. In case this pattern breaks down, the immediate downside could be 64.50. Then after that, 62.65 could be the next support.

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    May 01 8:56 PM | Link | Comment!
  • The Aussie To Rise Against The Yen?

    My next for pick for the day is the Australian dollar against the Japanese yen. This forex pair broke out from a 3-week double bottom formation the other day as seen in its 4-hour chart above but hasn’t continued its swing up. It actually went back down after finding some resistance at 89.59. However, there could be a bounce from the double bottom’s former resistance and if it’s successful, the Aussie could rise against the yen once more. Before it does, it first needs to clear out the next resistance. Then off to the 93.00 area. On the downside, the immediate stronghold could be the double bottom’s support. If that gets breached, the next support could be 87.20.

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    May 01 8:41 PM | Link | Comment!
  • Bullish Pennant Seen On Philex Mining Corporation (PX)
    philex mining corporation, PX philippine stocks, bullish pennant, gold, ron acoba, daily stock picks, stock market trading

    Local mining stocks like Lepanto Consolidated Mining Company (LC and LCB) and Philex Mining Corporation (NYSE:PX) have made a pretty good run-up during the past week or so. Still, it looks like there’s going to be a follow through at least for Philex in the near term.

    Philex Mining Corporation has risen from just below PHP 16.00 to PHP 18.00 in about a week last. Looking at its daily chart, you will see that it has actually formed a bullish pennant pattern. Notice also that the volume for the past week or so has picked up significantly. This suggest that this run-up is well supported by the buyers. Anyway, a breakout from the pattern or a move above PHP 17.7 could send it to a target of PHP 20.00. A breakdown, however, could bring it back to PHP 16.50.

    On the fundamental side, Philex Mining recently reported a 152% gain in its net income to PHP 1.31 billion for the first quarter of the year due to higher gold prices. With gold, silver, and copper – all PX’s produce trading at all time highs and even projected to move higher, PX’s net income for the next period could further expand.

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    May 01 8:29 PM | Link | Comment!
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