Pepsi-Cola Products Philippines (stock symbol: PIP) has made some progress since my January post, as the stock reached a 5.37 high on March 4 after staying below 4.50 for the most part of February.
The March 4 high remains untested and bulls are having difficulty in breaking the 5.00 level for several days now.
Support comes in the form of an ascending trendline that lies across 4.80. Immediately below this trendline is a short-term support just above 4.60. Near-term barrier for bulls is the 5.00 level.
The Relative Strength Index (RSI) is hovering just above the 50 level.