Stock in Focus: Security Bank (SECB)

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Security Bank Corporation (stock symbol: SECB) has seen good participation from buyers and sellers since my January post.

Philippine Stock Exchange, Security Bank_SECB Daily chart, March 19, 2014

SECB Daily chart, March 19, 2014

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Back then, I wished that buyers would continue to fortify their support around 100-115 and they have responded to that call quite well. Now,  SECB is showing a potential triple bottom around 110. There is also a descending trendline drawn from late-January.

So the question now is, which would break first – the triple bottom or the trendline? All I can say is, keep your eyes open. We’ll probably know the answer in the next few days or weeks. Watch out for false moves.

For now, near-term support are at 105.70 (printed last August 28) and the 100 psychological level, while resistance is at 128-130 (then 144-145).

The Relative Strength Index has pointed back northward and could continue higher if price would break the trendline.

Do you have SECB in your portfolio? Share your thoughts below!

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