The ABS-CBN Corporation or ABS in the Philippine Stock Exchange is one of the top TV station network in the Philippines. They are the country’s first and largest integrated media and entertainment company. The last time I posted my technical analysis of its stock chart was three months ago and many price movements have taken place since then.
Back in my last post on this Lopez owned company (kindly check here), the 9-year resistance line was still intact and the stock value was still at 35.50 pesos. Based on the stock chart now, the stocks broke out from the 38.50 peso 9-year resistance a months ago (indicated by the red circle) and made a new 9-year high of 54.40 pesos the past few days. A nice 40% gain in less than a month would have been bagged if you bought at the breakout point and sold at 54.00 pesos. Definitely not bad at all! If the ABS-CBN stocks successfully clear out the 54.40 peso price mark, it could aim for the next resistance at 56.50 pesos. Then the next resistance after that is 67.00 pesos. On the downside, if the stocks fall, it could find some support at the 50.00 peso psychological area. If it further falls below that level, the next support could be 44.50 pesos.