Rizal Commercial Banking Corp. (stock symbol: RCB) has been following the script I’ve laid out in the previous post quite well.
Price has found support just above 45 throughout April, then RCB tried to take hold of the resistance area at 60 but failed.
Given the price action seen in the past few weeks, the 45-46 area remains vulnerable to a bearish visit in the coming weeks.
From a perspective going as far back as 2009, RCB is still in an uptrend. However, support around 40-46 must hold to keep this uptrend intact. Initial resistance is at 60-65 ahead of 75.
The Relative Strength Index (RSI) has recently moved below the 50 level as price continues to ease.
Do you have RCB in your portfolio? Share your thoughts below!