Buyers have blown the lid off Philippine National Bank (stock symbol: PNB) since my last post back in early-April, breaking the deadlock which has kept price close to the 80 level for over 5 months.
We have a clear support around the 87-88 area, followed by 85 and 80. At the topside, the May high close to 95 is the only obstacle to a move toward 99-100. The latter could be reached in 2 to 4 weeks if bulls can gather a considerable number of troops.
The Moving Average Convergence Divergence (MACD) is barely negative and could go either way at this point.
Do you have PNB in your portfolio? Share your thoughts below!