Should the DJIA perform well tonight, and the futures are already pointing upward, we may see a spillover to our own market, fueling more buying for practically every hot issue. NI is definitely bullish right now as it has surpassed its 65MA. There's no stopping it now...or is there?
We have to remember that NI came from the 20+ peso level before it sank to levels that turned traders into investors overnight. Therefore, when this returns to around 20 pesos, we should expect heavy posting of selling orders. There are a lot of investors above 20 pesos who are raring to get their money back.
In the meantime, I am still awaiting further appreciation for NI to the 22 peso level. If we're lucky, this can be a jackpot trade. If not, we have already set our stop at the previous target of 16.25 (based on the ascending triangle it broke out of).
Let's get ready for more fast and furious action on NI!