@ichigo33<\/a> shared his thoughts on $SCC<\/a> and its potential course of action<\/p>\n\n\n\n During this specific trading period, @ichigo33<\/a> has plotted out multiple indicators which helped in identifying the potential direction for $SCC<\/a>. Let’s start with the exponential moving averages<\/a> ranging from 10-50. This EMA provides a regularly updated average price to aid smooth out price data. Typically, a stock is in an uptrend if price is above the EMA. Conversely, it is in a downtrend if the price is below EMA. The RSI, a momentum indicator, can also be seen in the chart. This indicator tells us whether or not a stock is overbought (above 70) or oversold (below 30). We can also see support and resistance lines which help determine market psychology and supply and demand.<\/p>\n\n\n\n Technically, $SCC<\/a> at the time was at a downtrend movement. As we can see in the chart below, the price is below all EMA indicators ranging from 10-50. This typically means that a stock is in a downtrend. Notice how every time the price touches the EMA line, it bounces back. This is because the EMA is already acting as a resistance line. We can also see that RSI is below 50, meaning that most traders are selling their current positions.\u00a0 Lastly, there seems to be a consistency in selling volume. Though it may seem like a good time to buy, it\u2019s best to check out the stocks fundamental news.\u00a0<\/p>\n\n\n\n With all the information gathered and collected, @ichigo33<\/a> was able to predict price action and avoided a possible 20-30% loss.\u00a0<\/p>\n\n\n\n As officially disclosed in the PSE EDGE platform<\/a>, $SCC<\/a> has reported a Q3 profit of P10.1 billion, around 153% up from the 3rd quarter of 2021. However, it is currently down 6% from the second quarter of 2022, around P10.8 billion in profit.<\/p>\n\n\n\n $SCC<\/a> then said that this could be the cause of high coal and electricity prices in the past months. Moreover, they noted that Q3 performance is at its lowest as a result from bad weather and low demand.<\/p>\n\n\n\n In the daily timeframe, $SCC<\/a> seems to be reversing. The MACD, a trend following indicator, is showing signs of reversal. Not to mention, the RSI is also heading upwards, but towards a resistance level of 30 which can be a problem. We can also observe that the price is gaining buying volume after being in the bearish side for the past days.\u00a0<\/p>\n\n\n\n Given this, it is preferable to buy a few shares with its current price action. Once RSI has broken 30, you may buy more shares as well. Because the stock price is down so deep, accumulating shares of this stock would be the best option. <\/p>\n\n\n\n It would also be sage to buy the dips without spending a lot of money in view of the condition of the market. Always do your analysis and stay up to date on news that is pertinent to the stock you have picked.<\/p>\n\n\n\n Once again, KUDOS to @ichigo33<\/a> for being this week\u2019s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.<\/p>\n\n\n\n![\"@ichigo33's](\"https:\/\/dailymedia.investagrams.com\/investadaily\/2022\/11\/image-636dd5e456a1f-1024x699.png\")
<\/a><\/figure>\n\n\n\nTECHNICALS OF THE TRADE<\/strong><\/h2>\n\n\n\n
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<\/a><\/figure>\n\n\n\n FUNDAM ENTAL S OF THE TRADE<\/strong><\/h2>\n\n\n\n
WHAT SHOULD BE MY NEXT MOVE<\/strong><\/h2>\n\n\n\n
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