Stock in Focus: ABS-CBN (ABS)

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ABS-CBN Corporation (stock symbol: ABS) has gone to reach the target I’ve mentioned in my March 25 post, following TP’s script flawlessly, so to say. 😉

Philippine Stock Exchange, ABS-CBN_ABS Daily chart, June 18, 2014

ABS Daily chart, June 18, 2014

Now, the real fun starts as bulls must prove that they can sustain higher prices, following the unimpeded run-up they have enjoyed last April.

It is in the bull camp’s best interest to establish support around the 30-35 area, and ideally they could hold off all threats right at the 35 level. Resistance at 40 and then 45-47.

The TRIX Index is ready to venture completely below the zero level. Further bearishness would make this happen.

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

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