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MIDCAP-Philippine Long Distance Tel could reverse-technicals

Wednesday, 3 Oct 2012 | 4:09 AM ET

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Shares of Philippine Long Distance Telephone Co (PLDT) that fell sharply since mid-September could reverse, technical charts suggest.

The stock faces support at its 50-day exponential moving average.

It formed a hammer candlestick pattern on Wednesday, which is a bullish reversal pattern.

The stochastics %k line has cut above the %d line in the oversold region, which is a positive sign.

The stock is down 1.3 percent over the past week, while the broader index is up 1.4 percent in the same period.

(Reporting By Patturaja Murugaboopathy; Editing by Gopakumar Warrier)

((patturaja.murugaboopathy@thomsonreuters.com))

Keywords: MIDCAP PLDT/

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