In my point of view, IP E-Game Ventures, Inc. or EG as listed in the Philippine Stock Exchange could be bottoming given its current technical setup. The stocks have moved passed above the 50, 100 and 200-day moving averages with significant volume building up the past 2 months. At the same time, there seems to be a 1-year cup and handle pattern forming with the neckline at PHP35.50. A break above the cup and handle’s neckline could drive the stocks all the way to the PHP58.00 resistance based on its size. However, significant selling pressure might be experienced at the PHP40.00 and PHP50.00 psychological levels on its move up. If things don’t go out well for EG like most of the publicly traded stocks right now, I’d cut my losses if the PHP20.00 support breaks. If that cut is too deep, a breakdown from the 2-month support could also be a strategic exit point.
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