Despite the majority stocks in the Philippine Stock Exchange dropped today, ABS-CBN stocks gained 5.8% bringing it closer to the 9-year resistance line at 38.5 (green dotted line). There is a 1-year uptrend (yellow dotted lines) in the ABS-CBN chart which brought the price from 12 pesos to the current value of 36.5 pesos per share.
For the mean time the trading range I’m looking at is from 32-38.5. A break above 38.5 will be significant since that’s the major resistance level. If it breaks below 32 pesos (violet dotted line), you still have the 1-year uptrend’s support (yellow dotted lines).