Stock in Focus: PLDT (TEL)

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Have we seen a pop-and-flop move in Telecom giant PLDT (stock symbol: TEL)? The stock gapped up in early-May, followed by nothing but weakness so far.

Philippine Stock Exchange, PLDT_TEL Daily chart, May 29, 2014

TEL Daily chart, May 29, 2014

That gap peaked at 2,994, the highest reached since October 9 and just missed the 3,000 level mentioned in this February post.

The Stochastic indicator shied away from a bullish cross after the recent dip in price.

Support lies around 2,800 and 2,600. I expect some tussle to take place around 2,800. If bulls will win this tussle, they should try to take out the 3,000 level in the coming months.

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

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