After months of dropping and going nowhere the stock has finally reversed and has moved from bearish to bullish. This upward movement was confirmed after breaking two significant resistances at 2.40 and 2.70 bringing the bulls back in charge.
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
The support at 2.70 will hold. It is okay and normal for the stock to correct a bit as the stock is already up 53% from its lowest point and investors will still need to take profits and take money off the table. So watch out for 2.70, as long as this price range holds, even if selling occurs, the stock will still be bullish and will still have the potential to go higher. If it does not hold, please sell as the stock will go back to being bearish.
If you are a quick trader, your initial target price could be set at 3.25, if you look at the chart below, the stock experienced selling as it tried to go close to that price range. Failure to break 3.25 could be a take profit signal already for you if you are a quick trader. However should the stock breakout of 3.25, no need to sell yet and you can hold your positions and adjust your target price to 3.75.
As mentioned above, the stock is still bullish and your goal is to ride this bullish movement until we see a downward reversal. As of this point the stock has no sell signal yet.