The stock of Bank of the Philippine Islands (stock symbol: BPI) has seen a relatively steady decline since it reached the April 22 top at 96.45 (the highest in nearly 6 months).
Yesterday, BPI capped the week with a 3.54 percent daily decline to close at 84.50. This is significant since it is the lowest daily close in over 4 months.
The MACD Oscillator (MACDO) has stayed below the zero level for more than a month now. It shows a bullish divergence (green lines).
Price turned around at 85 (horizontal line) during the last decline. Will BPI repeat the same feat this time? Buyers should focus on bringing price back above 90. Critical support area is at 80-82.
Do you have BPI in your portfolio? Share your thoughts below!