Stock in Focus: Petron Corp. (PCOR)

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Bad news: no northward break happened.

What’s worse? The eery silence brought about by the multi-month consolidation of Petron Corporation (stock symbol: PCOR) ended in a disaster as price gapped down, easily breaking 13 and 12 in one fell swoop. PCOR’s drop skirted the September 11, 2013 low at 11.42 by a whisker.

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Philippine Stock Exchange, Petron_PCOR Daily chart, April 10, 2014

PCOR Daily chart, April 10, 2014

Beyond the gap, the near-term resistance remains around 14-17. Support, meanwhile, has moved down to 10-12.

The Detrended Price Oscillator (DPO) dropped in line with the quick decline seen in price, but is now back up above the zero level.

Do you have PCOR in your portfolio? Share your thoughts below!

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