The stock of holding firm Aboitiz Equity Ventures (stock symbol: AEV) has risen marginally higher a few days after my March post.
However, bulls took a break from their bullish campaign and sellers stepped in a few days later to depress price back below the 60 psychological level. Since then, price has been consolidating within a narrow 5 peso range.
AEV is trading around the critical level of 55 right now. I expect an intense battle in favor of the bulls. In general, bulls should keep their guard at the 50-55 area completely intact. Alternatively, they should let the bears have a taste of their own medicine and put pressure on the highs around 60.
The Stochastic indicator remains buoyed above the 50 level despite the lack of direction in the past few days.
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