Despite the break of the downsloping trendline in mid-January, Manila Water Company (stock symbol: MWC) had another round of selling which reached the 21s in early February.
The stock did encounter selling in the 25s as expected. Now, buyers must contend with possible downside tests. They can keep bears at bay by protecting the 20-23 area (line in the sand) from breakdown.
The Commodity Channel Index (CCI) is bullish. Further price advances would keep CCI above the 0 level for some time.
(Feb. 24 update: MWC will no longer be part of the PSEi starting March 17, 2014, Monday. MWC will be replaced by MER in the PSEi: http://www.pse.com.ph/resource/memos/2014/CN_2014-0011.pdf)