MIDCAP-Philippine Alliance Global technicals suggest downside

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Shares of Alliance Global Group Inc , which have risen sharply over the past month, could reverse, technical charts suggest.

The stock price has fallen below the Parabolic SAR (Stop and Reverse) points on Monday, which is a negative sign.

The Trend Intensity has started to decline and is at 47. A reading above 40 is considered trend mature zone.

A market is trending -- bullishly or bearishly -- when Trend Intensity is advancing. A trend is over when the signal declines.

Also, the Relative Strength Index (RSI) has fallen below 70 from a topping formation and is bearish.

The stock was up more than 20 percent over the past month, while the broader index gained 5.6 percent over the same period, based on Friday's close.

(Reporting By Patturaja Murugaboopathy; Editing by Jijo Jacob)

((patturaja.murugaboopathy@thomsonreuters.com))

Keywords: MIDCAP ALLIANCEGLOBAL/