Stock in Focus: East West Banking Corp. (EW)

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East West Banking Corp. (stock symbol: EW) has come a long way since my last post. The stock has broken through the 30 resistance level quite easily.

Philippine Stock Exchange, East West Banking_EW Daily chart, May 16, 2014

EW Daily chart, May 16, 2014

This week, buyers and sellers have been battling it out at a new range in the 31s. EW even posted a hanging man formation at the top of the range, right at the 31.50s, this Friday.

Current price action suggests that reaching 37-40 is still possible for EW. The bottom of the range, which sits right around 30, is the critical line in the sand.

The Detrended Price Oscillator (DPO) is comfortably swinging above the zero level.

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

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