DMCI Holdings, Inc. or DMC in the Philippine Stock Exchange appears to be holding on to its uptrend line. Barring any negative impact from abroad, it is likely for DMC to continue its move higher.
As you can see from its daily chart, has fallen back towards the Php 40.00 support after briefly trading above Php 45.00. In my opinion, the Php 40.00 level looks to be sturdy enough to hold DMC above as it has been tested for quite some time already in the recent past. Also, DMC’s 200-day moving average is not very far off so even if it falls a bit below PHp 40.00, the blue moving line should prevent it from falling further. Technically speaking, I see a likely bounce off of the Php 40.00 support which could send DMC back to around Php 45.00. Having a buy signal in the stock’s MACD also suggest a possible bullish turnaround in the near term. However, a break below the blue line could send it down to Php 35.00.
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