Asia United Bank Corp. (stock symbol: AUB) has been stuck below 75 since mid-August of last year, but a change of tide may happen very soon. Price has been making higher daily highs for five straight days now and bulls are closing in on the 75 level.
After seeing AUB trade within a tight 4-peso range for 8 consecutive months, bulls may have grown impatient. Support is found at 65-70, while immediate resistance can creep in all the way up to 80. If bulls can break through 80, it would enable AUB to revisit the 90s and 100s, areas close to its IPO price which it has never revisited ever.
The MACD Oscillator (MACD-O) has enjoyed a steady upclimb along with price.
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