Sy-led financial firm Banco de Oro (stock symbol: BDO) has traded quietly last week, except for the quick ascent seen on Friday which helped this stock close the week at 89.50, the highest level reached since June 4.
This quick upmove seems to be an attempt by bulls to break the impasse which has been going on since the start of April. It was a daring move, but will it gain momentum next week? That is the question.
The Relative Strength Index has reversed higher because of that Friday ascent.
Keep an eye on the area at 86 and the line in the sand at 80 (90 on the topside). On the upside, bulls seem to be reaching for 100 in the near term.
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