Breakout PO!
Polar Property Holdings Corporation or PO in the Philippine Stock Exchange is a Philippines based company engaged in investment and the real estate business. This was the highlight of the day as its stock price climbed the top of the gainers list with a whooping 19.47% increase. In the process, it had broken out from its 5-month downtrend with a long white candle and a surge in volume after bouncing from the 16-month support days earlier. As a newly breakout, the stocks could continue to rise given that today’s buying pressure will continue in the coming days. However, it might encounter some selling pressure at the 50 and 100-day moving averages as well as at the PHP4.41 resistance. If those hurdles get cleared out, the next resistance to be looked out for is PHP5.00. On the other hand, in case today’s move was a false breakout and the stocks slide, as long as the 16-month support remains intact, holding on to the stocks could be safe. Although, cutting your losses below that is around 25% from the current price and that’s quite big. Given it’s poor liquidity and volatility, it would be wise not to go all in on this one.
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