Stair-step, upside action has manifested in the stock of leading financial firm Bank of the Philippine Islands (stock symbol: BPI) since price bottomed in the 82s back in December and January.
Technicals for BPI have not changed since my last post: the ideal near-term target for this stock is somewhere around 100-115. As a prerequisite, 80-85 must hold on the downside. If the ascending trendline and 90 will not break, much better.
The MACD Oscillator (MACD-O) has stayed closed to the zero level while sporting a bearish divergence (green lines). There is definite risk of a break below the zero level if the stock will fall back towards 90 in the coming days.
Do you have BPI in your portfolio? Share your thoughts below!