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5 Foreign Stocks With Breakout Trade Potential

Philippine Long Distance Telephone

Philippine Long Distance Telephone (PHI) is another stock that's forming an if/then trade right now. PHI has had a massive run since its October lows, climbing close to 30% as buyers started flooding back into the market. The consolidation range that shares have been stuck in for the last couple of months makes a lot of sense; right now, market participants are trying to decide on their next move in this stock.

The important levels to watch in PHI right now are resistance at $66 and support at $60. If shares of PHI break out above that $66 resistance level, then this stock becomes a buy. Otherwise, if shares break down below $60, then it's a short candidate.

>>5 Uptrending Stocks That Could Pop

While shares were testing support at $60 late last week, they were able to catch a bid at that price and bounce higher in yesterday's session. That should give PHI a second chance at staging an upside breakout in early April.

Either way it pans out, it's crucial to wait for an exit from the consolidation range before taking this trade.

Stock quotes in this article: TI, KB, PHI, BBD, NVS 

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