The stock of Aboitiz Power Corporation (stock symbol: AP) has been stuck in a 2-peso range below 39 for over 4 months since April.
However, from mid-August onwards, price action has tipped the balance slowly in favor of bulls as price gradually ate away at the 39 resistance. If bulls succeed, they must also conquer 40, a level which could have another layer of resistance. Once that is done, the March all-time high at 42.60 is not far behind. On the downside, bears will attack support around 36.
The Stochastics indicator is approaching the 80 level.
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