I hope my advice back in January served you well. ABS-CBN Corporation (stock symbol: ABS) had decided to decline further since my last post, and the stock touched the upper-20s in the process.
The fresh (double bottom) low at 27 was inked on February 7 and 10 (15-month low). Since then, price has recovered back towards the 31s. Buyers must target 34-35 then 40. 30 and its incomplete ascending trendline must hold if bears try to attack it.
The Money Flow Index (MFI) remains in the 70s despite the declines seen recently.
TP’s Advice: Continue to stand aside or monitor price action in the 30 level before moving in.
Do you have ABS in your portfolio? Share your thoughts below!