After a smooth-sailing decline from its 88.50 high set last July 26, First Philippine Holdings Corp. (stock symbol: FPH) finally managed to create a commendable and equally smooth-sailing bounce. This bounce has reached 61 last Wednesday and so far price still clings to the 60 psychological level.
Let’s see if the Money Flow Index (MFI) can sustain its position at current levels.
I favor a retest or a revisit toward the 50 area before going higher. Resistance lies at 70 and 90, with 50 as major line in the sand.
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