Stock in Focus: Philippine National Bank (PNB)

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We saw broad-based gains in local stocks today and financial firms such as Philippine National Bank (stock symbol: PNB) were part of the beneficiaries.

Investors who saw PNB as a discount buy below the 80 psychological level pushed price to as high as 84.40, closing the day at 83 pesos or a 6.41 percent increase.

The Detrended Price Oscillator (DPO) swung back to positive territory as it followed price higher.

After the 85 level, buyers should take out the 90 level. Support lies around the 75-78 area.

PNB Daily chart, January 22, 2014

PNB Daily chart, January 22, 2014

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