Extremely Oversold Looking to Bounce

TEL has already lost P76bn in market cap, 22% down since the chart breakdown from 1,600, and 29% from its most recent high. RSI readings are extreme oversold. The sell-off emanates from news that it had overspent CAPEX by P42bn in the last 4 years since 2019. The company is undergoing a major management shake-up and had suspended its CFO among other officers. I believe the sell off ha overdone and the market cap loss is over and above the 42bn overspend in CAPEX. Traders may want to put in some money into a bounce in the next few days. Stop: 1200. TP: 1480 and 1600.
1200 Stop Triggered. Stay out. Reentry at 1,000 area.

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