Globe Telecom (GLO) in trouble?

Benzinga | February 17, 2011 |Ron Acoba
Now, Ayala Corporation (AC) – led Globe Telecom, Inc. or GLO in the Philippine Stock Exchange looks to be on the verge of a price meltdown until the company does something that would induce investors to get back in. You see, while a lot of other issues had performed exceptionally well in 2010, GLO did not. In fact, it was one of the sleepers as it traded on a downward slope from an opening of PHP 915.00 during the start of January 2010 to a closing of 800.00 Philippine Peso at the end of the year. For 2010, things look even worse as GLO slipped to a low of PHP 739.00 yesterday (February 17), setting up a new 2-year low. As I’ve mentioned, GLO’s outlook appears to be even more bleak given its price action for the past 12 years. Looking at its price canvas above, you will see that it has been forming a godzilla-like head and shoulders pattern for the last 7 years. Gone are the days when GLO was trading PHP 1,400.00 or even PHP 1,600.00 plus. At present, it is dangerously exchanging near the pattern’s neckline around PHP 700.00. And a breach of this support could send GLO further down to around PHP 400.00 or less.
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