Chart-wise, DMC broke down from a 1-month double top formation along with the 2-month uptrend after the unfavorable MSCI list came out. Gauging the size of the double top and adding it to the breakdown point, our target price could be the PHP40.00 psychological level which also happens to be the neckline of the former cup and handle. Thus, this serves as a strong support. Buying pressure could be experienced at PHP40.00 but if this marker breaks, our next support could be the 1-year uptrend. On the upside, the immediate resistance is PHP44.00 then the next is the PHP48.55 all-time high. Today's drop was really emotionally staggering but if you'd ask about my technical perspective on DMC. As long as the overall uptrend remains intact, I'd stay bullish on this.
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