Stock in Focus: Metrobank (MBT)

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The stock of financial firm Metropolitan Bank and Trust Company (stock symbol: MBT) attempted to reach higher highs last week. However, sellers contained bullish enthusiasm and sealed the lid at 87.00 for the entire week.

Philippine Stock Exchange,Metrobank_MBT Daily chart, May 9, 2014

MBT Daily chart, May 9, 2014

Price has advanced since my last post. The ideal scenario for MBT is seeing the bulls keep the support around 85 so that 80 would not be at risk of another attack. The ascending trendline on the above chart is quite steep and prone to breakage.

If bulls will succeed in holding off downside threats, the next resistance lies at 93-95.

The Stochastic indicator is trying to cling to the 80 level while price stays near the highs.

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

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