TEL has hit Head-and-Shoulder Bottom TP

PLDT Inc.

TEL has hit the projected target price around 1930 from the previous Head and Shoulder Bottom breakout last March this year. See the previous analysis of this pattern as it unfolds:
https://psetrends.blogspot.com/2017/04/tel-breakout-update.html

In the shorter time frame, a Bullish Hammer candlestick pattern has formed up after the recent pullback, a potential trend reversal pattern (needs confirmation today).

Trading Plan
- If still trading the Head and Shoulder Bottom pattern (a medium term trading position), take profit on strength or scale down position.
- Otherwise, avoid for now.

TEL potential breakdown

PLDT Inc.

TEL is on a potential breakdown from its short term trendline with a gap after a failure to break the resistance around 1770.

*Potential catalyst of the breakdown was the issue of labor standard violation and foreign ownership.

Trading Plan
- Execute trailing-stop if hit.
- Scale down or sell.

TEL breakout update

PLDT Inc.

TEL bumps the first resistance area at 1680~1700 after the recent breakout from a Head-and-Shoulder Bottom pattern (breakout target is around 1930).

*Next resistance area is around 1770.

See previous analysis for details on the breakout and trading plan:
https://psetrends.blogspot.com/2017/03/tel-on-breakout.html

TEL on a breakout

PLDT Inc.

TEL is on a breakout from a bullish Head-and-Shoulder Bottom pattern with a projected target price around 1930.

*Immediate resistance is near 1700 (1680~1700 area).

Previous breakout from a Falling Wedge pattern has already hit the target at 1618.

Trading Plan
- Buy near the breakout area.
- Set stop-loss on breakdown from 1386 for around 1:2 risk/reward ratio.
* Note that the pattern took months to complete so don't expect a short term reward. This is potentially a slow mover if the uptrend continues.

TEL: Inverted Head and Shoulder pattern

Philippine Long Distance Telephone Company

Head and Shoulders Bottom
The price seems to have reached the end of a period of "accumulation" at the bottom of a major downtrend; the break up through resistance signals a reversal to a new uptrend. The Head and Shoulders Bottom is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, flanked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the first two declines, then diminishes through the right shoulder. Finally volume surges as the price closes above the neckline (drawn between the two highs) to confirm the reversal.

Event Date: Feb 16, 2016
Opportunity Type: Intermediate-Term Bullish
Close Price: 2,280.00
Target Price Range: 2,522.00 - 2,587.00

Price Period: Daily
Volume: 240,255
Pattern Duration: 74 days
Inbound Trend Duration: 89 days

Analysis and Chart Source
Firstmetrosec Recognia technical event scan tool
http://fmsec.com.ph/