Company: Metro Pacific Investments Corp.
Support: 4.13 / 4.10
Resistance: 4.29 / 4.38
MPI recorded its 5th consecutive losing streak, breaking past its MA50 support at 4.29 during yesterday’s trading session. The stock pared losses towards MOC as it briefly visited a low of 4.16, and eventually called it a day at 4.20 (-2.10%).
Strong support awaits the bulls at 4.13 and resistance rests now at 4.29.
The charts are showing increasing market bearishness on the stock as shown by the increasing bearish MACD histograms, and selling pressure continues to strengthen. In terms of RSI, the stock is still far from being oversold.
Knowing these, the downward pressure on MPI is kind of strong. Investors might want to wait and see if the strong support at 4.13 would hold before taking position.
Buy when support holds.