The expected retracement of First Philippine Holdings Corp. (stock symbol: FPH) has happened literally immediately after the late-March post seen here.
From a high of 75.10, FPH has eased down toward 69 by mid-April. Price trickled up until mid-May, then moved down again to reach a slightly lower low at 67.90 just a few trading days ago.
The TRIX has recently rolled back over and is ready to move much lower and away from the zero level. Price needs a strong advance to prevent this from happening.
FPH bulls should keep price above 70 throughout June. Ideally, it would not revisit lower prices below 60. I consider FPH to be in a medium-term downtrend as long as price is below the 90-100 area. 80 is the line in the sand.
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