Nearly 7 months have past, yet Manila Electric Company or Meralco (stock symbol: MER) has been unable to reach the 300 level.
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Instead, price headed straight down to the major support post at 250. This is a very serious cause for concern for buyers since the 240-250 zone is a major support area. If this area gets broken, MER would revisit prices unseen in 2 years.
On the upside, 300 is a major level that buyers must breach to keep buyers at bay.
The Stochastic indicator has recently bounced from the upper-10s.
TP’s Advice: Be careful of MER. Watch 250 closely.
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