Stock in Focus: Belle Corporation (BEL)

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The stock of property firm Belle Corporation (stock symbol: BEL) has slowly zigzagged higher since my March post, but it slid continuously since the strong defense made by bears around the 6.00 level.

Philippine Stock Exchange, Belle Corporation_BEL Daily chart, June 17, 2014

BEL Daily chart, June 17, 2014

Price gapped down in the process, disrespecting the 5.00 level along the way. Add to that a recent failure to secure a foothold above the 5.00, and this indicates a much more bearish tone than usual.

The August 29 low sits at 4.25. Critical support area is at 4.00-4.50. Beyond this, BEL would be bound for prices unseen since 2011. Buyers must push through the 5.00 level, a gap, and then the stubborn resistance at 6.00.

The Money Flow Index (MFI) is flat below the 50 level.

TP’s Advice: Avoid this stock for now. BEL holders must watch 4.00-4.50 and make appropriate decisions if necessary.

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

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