Company: Globe Telecom Inc.
Support: 2000 / 1940
Resistance: 2090 / 2140
GLO’s sideways consolidation range has managed to remain relatively intact despite the local bourse’s many ups and downs the past few months. It has managed to trade a thin range between a low of 1,940.00 and a high of 2,140.00 for almost half a year now.
On a m/m basis, these bounds could be a good entry and exit point— depending on the state of the market. Volatility in terms of ATR is also exceptionally low at this point, hinting at GLO’s share price stability.
Last Thursday, GLO closed +0.10% higher at 2,040.00, with indicators just starting to shift to buy signs. This could point to a possible rally, especially since GLO is trading below its major MAs.
The nearest short-term resistance we’re seeing is at 2,090.00.
Trade the range