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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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DOLLAR-PHP TECHS: Bears Need Close Below 21-DMA
*RES 4: Php53.071 - High July 3 2006 
*RES 3: Php52.940 - High July 25 2006 
*RES 2: Php52.677 - 2018 High May 15 
*RES 1: Php52.651 - Bollinger band top
*PRICE: Php52.270 @ 2300GMT
*SUP 1: Php52.080 - 55-DMA 
*SUP 2: Php52.067 - 21-DMA 
*SUP 3: Php51.769 - 100-DMA 
*SUP 4: Php51.715 - Low May 10
*COMMENTARY: Support emerging on dips back towards the 21 & 55-DMAs provides
bulls comfort but a close above Php52.677 2018 highs remains needed to reconfirm
focus on Php52.940-53.071 last seen in July 2006. O/B daily studies remain a
concern for bulls. Bears still need a close below the 21-DMA to confirm an
easing of bullish pressure and initially target a correction back to
Php51.715-769 where the 100-DMA is located.

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