Like other index stocks, Metro Pacific Investments Corp. (stock symbol: MPI) reached new highs, only to end the 5-day session close to the weekly open (other stocks fared much worse).
MPI has risen since early January, and it is possible that this stock is now showing some fatigue, having reached new levels. A break of the 5.00 psychological level could confirm this hypothesis. An ascending trendline is not far behind.
Best scenario is for MPI to hold its ground at 5.00 and resume trying for 6.00. Bears, on the other hand, would love to drive this stock back to 4.00-4.50.
The Money Flow Index (MFI) has just breached the 70 level after staying at lofty levels since the start of April.