Telecommunications giant Globe Telecom (stock symbol: GLO) is hanging on very close to the 1,600 level, a level that has been influential since September. The buying during the last two days has been very mild, and this was followed by selling today.
The MACD Oscillator (MACD-O) is now right at the zero level; it can go either way at this point. It is notable that this indicator is showing a divergence as price has remained relatively flat around 1,600 since mid-November.
I expect another move back toward 1,600. If this does happen, buyers should prevent a disastrous break of this critical level. If this expectation does not happen, buyers should keep the pressure and try to push through 1,700-1,750.
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