Stock in Focus: Globe Telecom (GLO)

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Globe Telecom (stock symbol: GLO) has seen several months of sideways action with a slight downside bias. The stock is now trading close to the 1,700 level, virtually unchanged since late-February.

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Philippine Stock Exchange, Globe Telecom_GLO Daily chart, May 13, 2014

GLO Daily chart, May 13, 2014

Is GLO ready to make a decent upmove this time around? Above 1,700, bulls would target a break of 1,750-1,800. On the other hand, further consolidation is likely if Globe will fall back to the lower-1,600s. They must keep the support holding at 1,600.

The Moving Average Convergence Divergence (MACD) has remained predominantly bullish since the start of April and is trending higher.

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