Telecom firm Globe Telecom (stock symbol: GLO) has advanced to its highest level in nearly three months since my first post. The stock closed in on the 1,800 level. The push through 1,700-1,750 has been successful but price momentum eventually waned, leading to a price decline back to 1,700.
Considering the recent 6 consecutive daily declines, buyers must follow up with a better upside push following today’s unimpressive bullish close.
The Money Flow Index (MFI) remains undecided and zigzags the 50 level.
TP’s Advice: Avoid… or wait for lower prices if you want to buy this stock. Current range: 1,600-1,800.