On the eve of Chinese New Year, PLDT (stock symbol: TEL) has made a bullish close (but with a downside gap) at 2,698, price which is not far from the price it traded on during my first post. This mentioned down-gap was its third after topping out around 2,800 just a week ago.
2,700 is back at the spotlight and will continue to serve as the line in the sand for this stock. Price could even pay a visit to 2,600 in the near-term.
Commodity Channel Index (CCI) is now under water. It is trading below the zero level and honing in on -100.
TP’s Advice: Be careful of this stock. 2,600 must prevent a breakdown.