Trading activity in PhilWeb Corporation (stock symbol: WEB) has not changed much since my late-April post.
The Commodity Channel Index (CCI) has stayed below the -100 level, however it is currently showing a bullish divergence (green lines).
Some may argue that we’ve seen some activity back in mid-May. However, that is not enough, and as you can see, PhilWeb moved back toward 5.00 again — and subsequently hit a marginal new low of 4.89 on May 30.
If you like this stock, you can enter close to the current price. But, bear in mind that this stock still has a lot of potential to decline (or further consolidate). It would be better to wait for more bullish activity before entering. Near-term resistance are at 6.00 and 8-10.
TP’s Advice: Better to be safe (and liquid) than sorry: avoid this stock.
Do you have WEB in your portfolio? Share your thoughts below!