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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.

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