Stock in Focus: GMA Network (GMA7)

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Kapuso media company GMA Network (stock symbol: GMA7) has somehow recovered from the considerable bleeding it experienced last March.

Philippine Stock Exchange, GMA 7_GMA7 Daily chart, May 29, 2014

GMA7 Daily chart, May 29, 2014

A tug-of-war between buyers and sellers has been ongoing since April, and this would be less appealing for buyers if this drags on for a few more weeks or months. The November lows which is close to 7.00 is near by.  We’ll see if the 7.40-7.50 area would continue to hold in the coming weeks and months. Resistance are still at 8.50 and 9.00.

The Commodity Channel Index (CCI) has moved back down to the -100 level after price printed two consecutive bearish days.

Do you have GMA7 in your portfolio? Share your thoughts below!

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