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.
(Click here to see the original image)