Stock in Focus: Manila Electric Company (MER)

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Just like the current topic surrounding the latest power rate hikes, the stock of Manila Electric Company or Meralco (stock symbol: MER) is feeling the heat around the 250 psychological level.

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MER Daily chart, January 15, 2014

MER Daily chart, January 15, 2014

A new multi-month low was reached today (January 15), and price is set to revisit the August 31, 2012 low of 240 in the near future if 250 does not hold. Potential strong support could come in around 200-220. Price needs to take out 270 soon, if buyers want to change the near-term course of this stock.

The TRIX is hanging on to its positive formation below the zero level.

TP’s Advice: Buyers must watch out. Avoid this stock for now.

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