Stock in Focus: ABS-CBN (ABS)

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ABS-CBN Corporation (stock symbol: ABS) has kept its gloomy mood since the start of the year. The price is now hovering around the 30 level and this has attracted more buying and selling activity from investors.

 The Moving Average Convergence Divergence (MACD) has maintained its bearish formation below the zero level since December.

The 30 psychological level must hold for the sake of the bulls. If it does, the resistance at 35 should break so they can tackle potential sellers at 40.

TP’s Advice: Stand aside for now.

ABS Daily chart, January 16, 2014

ABS Daily chart, January 16, 2014

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