Good news to all Globe (GLO) stockholders! Not only is GLO one of the best dividend providers in the PSE, it is now looking good from a technical analysis perspective.
If you look at the chart above, it has been steadily trying to crawl up into an uptrend. It’s MACD has been weak but basically showing a more bullish sentiment.
Breakout from short to long term moving averages:
GLO just broke out from 1,750 moving average the last one standing preving the stock from turning bullish.
What happens next?
If GLO manages to stay above 1,750, steadily over the short to mid term GLO could go to as high as 1,860, representing a 6% gain from its current price. If it breaks out of 1860 the next target price will be at 1,915 after that 2,000 will be well on sight.
What if it fails to stay above 1,750?
It may drop to the uptrend support at 1,734 or to as low as 1,708. However if this happens, the stock breaksdown from it’s uptrend and may possibly go to 1,676.
For those who positioned early at the support range of 1,600, congratulations you are now up 12%! Have a great weekend ahead and I hope that you improve in your trading and investing strategy as you work your way towards financial freedom!
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*Charts via Chart Nexus