SHLPH support breakdown

Pilipinas Shell Petroleum Corporation

SHLPH is on a breakdown from major support. It's also on a breakdown from a Descending Triangle consolidation, a potential trend continuation pattern with a measured price target around 68.

*Immediate support area around 69~70.

See previous analysis for prior information on this major support and chart pattern including possible trading plan:
https://psetrends.blogspot.com/2017/04/shlph-at-major-support.html

SHLPH at major support

Pilipinas Shell Petroleum Corporation

SHLPH is back at major support area after failure to break the 2-month old downtrend resistance line. It's also potentially forming a Descending Triangle pattern, a bearish bias pattern that will likely become a trend continuation pattern on breakdown.

However, a Bullish Divergence pattern shaping up on some indicators can be a potential sign of an impending trend reversal or consolidation to unfold.

Trading Plan
- Avoid for now. Monitor if major support holds up and how the Descending Triangle pattern unfolds.
- Trade if there's a breakout from its downtrend resistance line.
- If taking a higher risk trade, buy the support and set appropriate stop.