Manila Water has been sideways since Aug this year. For the first time in 3 months it has broken the resistance at 29.18.
The stock also has bounced off its short term moving averages and all long term moving averages still show a bullish outlook. MACD is also bullish and is showing upward momentum.
A possible near term target is 31.30 Pesos per share and a medium term target could be pegged at 34 pesos per share. This if MWC continues to stay above 29.20.
If it fails to stay above 29.20per share, it could possibly drop back to 27.6.
MWC is an amazing utility company that is poised to move forward fundamentally. It may not be as volatile as other stocks but this company could suit people who would want a more defensive stock in their portfolio. The goal in stock trading and investing is to plan your trade and trade your plan. I do hope that this short snippet helps you as you move forward towards financial freedom!
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