BUSINESS PROFILE
Manila Mining Corporation (MA) was incorporated on June 3, 1949 to engage in the mining and exploration of metals. MA started its mining operations in Placer, Surigao del Norte in 1981. Until 2001, MA was producing gold bullion through a carbon in-pulp plant and copper concentrates containing gold, silver and copper from MA's copper flotation plant. In July 2001, MA suspended its mining and milling operations pending receipt of the permit from the Department of Environment and Natural Resources to further elevate and operate MA's tailings pond number seven. On January 29, 2007, MA obtained the release of its Renewed Exploration Permit covering 2,462.9 hectares in Surigao del Norte.
MA has two existing Mining Lease Contracts with the government located in Surigao del Norte and three Mineral Production Sharing Agreements covering Surigao del Norte and Agusan del Norte. MA is an affiliate of Lepanto Consolidated Mining Company. MA has a wholly-owned subsidiary, the Kalayaan Copper-Gold Resources, Inc.
The company has no products or services as it is not in operation. It completed an exploration programme in 2008.
Source: SEC Form 17-A (2008)
Reference: http://www.pse.com.ph/
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Analysis:
MA is currently consolidating with a trend strength of about 40.83.
It has closed below its Short time moving average.
Short time moving average is currently above mid-time, and above long time moving averages.
The relationship between price and moving averages is: neutral in short-term, and bullish in mid to long term.
MA has closed above bottom band by 43.3%.
Bollinger Bands are 34.7% narrower than normal.
The current width of the bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.
MA's historical volatility for the past 10 days is about 71.04%.
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Support/Resistance:
MA nearest support line base on Fibonacci retracement is at 0.023 while its S&R support line is at 0.024. Closes major resistance can be found at 0.03.
Base from the weekly pivot point analysis of MA.
This are the primary support lines of MA this week: 0.023, 0.021, and 0.019
While its primary resistance lines for this week are: 0.027, 0.029, and 0.03
(Note: double click image to enlarge)
Buy/Sell:
MA's momentum for the past 10 days is somewhat bearish with a strength of -0.07.
The RSI reading is 57.68. The last signal was a sell 8 days ago. The RSI and price are not diverging. Base on RSI we can confirm that MA is definitely above a major support line. This is a bullish indication.
Williams %R reading is -50. It is neither overbought or oversold.
Currently the MACD is bearish since it is trading below its signal line.
The MACD crossed below its signal line 6 days ago.
Since the MACD crossed its moving average, MA's price has decreased -3.704%
And has ranged from a high of 0.027 to a low of 0.025. There have been no divergence signals within the last 5 days.
Suggestion: BUY
Why I choose MA for the week?
1) This is because it is one of the few stocks that significantly corrected already for the past days and is now trying to resume its current trend.
2) Its market sector is not overextended, that means when the DJI will try to correct this sector will be the least to correct.
MA is just for short term trading with a Target Price of about 0.03.
Probability of Finishing Above Upper Target : 15.87 %
Probability of Finishing Below Upper Target : 84.13 %
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