The shares of International Container Terminals, Inc. or ICT in the Philippine Stock Exchange fell back towards the Php 50.00 level at the end of today’s (August 6, 2011) trading. Having closed right at a significant support, a rally off of this level could be expected in the days to come.
As evidenced in its daily chart above, people saw the Php 50.00 as a buying level. Notice that ICT bounced up every time that it fell towards the said support. Hence, the same could happen again especially if the broader marker remains at least flat. ICT could then aim towards the Php 55.00 resistance following a rally off of Php 50.00. A break of this support, on the other hand, could send it towards its 200-day moving average (blue line) around Php 47.50 or even lower at Php 45.00.