Stock in Focus: Bank of the Philippine Islands (BPI)

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Mega-bank Bank of the Philippine Islands (stock symbol: BPI) has seen virtually nothing but red since the Christmas month started. Participation rate has been relatively low as evidenced by the weak trading volume. Trading volume has declined since late-November.

The Commodity Channel Index (CCI) indicator has stayed below the -200 level, supporting the weak state of this stock.

As of December 13, there are no signs of support, so I expect this stock to remain bearish and stay below 90. Depending on how it fares this coming week, we could see further declines toward 80.

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BPI technical analysis December 13

BPI technical analysis, December 13

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