Stock in Focus: First Philippine Holdings (FPH)

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First Philippine Holdings Corp. (stock symbol: FPH) has crept up steadily since the new year started, rising from the sub-55s to the 70s. Currently, price is knocking on the door at 75.

Philippine Stock Exchange, First Philippine Holdings_FPH Daily chart, March 26, 2014

FPH Daily chart, March 26, 2014

An expected retest of the 50 level did not materialize, however the slow and gradual advance compensated for this.

The MACD Oscillator (MACD-O) has stayed flat below the zero level for almost three weeks now, despite the unrelenting advance.

Watch out for possible retracements in the coming weeks. Once 75 breaks, the next main target is the 90 level. On the downside, 60 should ideally be able to hold off any bearish threats.

 

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