Aboitiz Power(AP) has been one of the stocks that sustained a continuous uptrend from middle of 2009 till it started sideways movement in the first quarter of 2011.
Aboitiz's profit has tremendously increase since 2010 and its expected to increase more this 2012 with the new contract with Meralco for their Pagbilao Coal Plant.
With all the good fundamentals, I guess the continous uptrend in the past 2 years and its sudden consolidation cause most of investors holding AP to keep on holding until it goes into another round of north trending.
Looking at the one year range, RSI is about to touch 30 level; probably everyone is watching for the new round of action.
Is it time to buy? Well waiting for it to bounce back from under 30 RSI level would probably the best time to buy. With all the news affecting global economy sudden dips could be expected and those will be the good opportunity to buy some.
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