Pepsi-Cola Products Philippines (stock symbol: PIP) has been a problematic stock for buyers for more than four months now as sellers camped at the 5.00 area have been very resilient since my last post back in April. PIP has been kept below this level for a considerable period of time and it just makes more bulls uneasy.
As it stands now, 4.00-4.50 must hold to keep this stock (barely) breathing. PIP needs to cross above the tough resistance at 5.00 to keep it afloat. The next strong resistance is at the 6.00 area. Break 4.00 and sellers will open the floodgates back toward 2.00.
The Relative Strength Index (RSI) is looking to move higher from the 50 level — only if price can get past 5.00.
Do you have PIP in your portfolio? Share your thoughts below!