We're seeing an almost identical setup in Portugal Telecom (PT) right now. Shares of the aptly named Portuguese telco have been getting slammed in the past year, with shareholders seeing their positions halved from where they traded just 12 months ago.
It's no big surprise why this stock can't catch a bid. The firm has massive exposure to the eurozone, and to Portugal in particular.
Like ALB, with shares testing resistance, it makes sense to exit this stock -- or short it!>>4 Tech Stocks to Trade (or Not) Portugal Telecom has bounced lower off of trend line resistance the last five times in the last year. And in between, it's even made some lower highs: shares stalled out at the 50-day moving average back in February, for instance. This stock isn't an opportunistic buy here within a stone's throw of all-time lows; instead, those lows are a signal that this stock is toxic and buyers just aren't there to prop it higher.
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