Stock in Focus: Aboitiz Power (AP)

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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.

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Philippine Stock Exchange, Aboitiz Power Corp_AP Daily chart, September 12, 2014

AP Daily chart, September 12, 2014

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.

NOTE: My last post on Aboitiz Power Corp. was over 5 months ago. If you want a monthly analysis of this stock (and all PSE Index stocks plus 10-20 bonus analysis articles), you should consider getting a Premium Subscription. If you join us, you get to learn while supporting school kids!

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