Stock in Focus: Globe Telecom (GLO)

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As of this writing, Globe Telecom (stock symbol: GLO) is showing a distinct triple (or quadruple) top in the vicinity of the 1800 level. Take note, this level is a range resistance of the wider 1,600-1,800 range, a range that has been in effect since the fourth quarter of 2013.

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Philippine Stock Exchange_GLO Daily chart, March 5, 2014

GLO Daily chart, March 5, 2014

 What’s concerning right now is price had formed a lower swing low after the latest attempt to break 1,800. The latest move down also brought GLO closer to its range support at 1,600.

The Relative Strength Index (RSI) is pointing upward and ready to break through the 50 level if 1,700 would give way again to higher prices.

1,700 is the line in the sand within the 1,600-1,800 range. Keep an eye on 1,600.

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