Several months have past and yet Philippine National Bank (stock symbol: PNB) remains in a consolidation box, ranging between 76 and 88. Buyers failed to capitalize on its move at a support line in late-January.
Sellers displayed a successful defense ahead of the 88 level and are now eying a break of 80. On the flip side, once the 90 psychological level breaks, tough resistance lies immediately ahead at 95-100.
There is an incomplete ascending trendline lying just above the 80 level. Should the bears gain more control, the 2-year low at 65 will be wide open to multiple attacks.
The Moving Average Convergence Divergence (MACD) is showing signs of a possible bounce, although it is still below the zero level.
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