Stock in Focus: Banco de Oro (BDO)

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The stock of financial firm Banco de Oro (stock symbol: BDO) has seen nothing but downhill since the start of April, breaking through recent resistance/support areas in the process.

Philippine Stock Exchange, Banco de Oro_BDO Daily chart, Apr 30, 2015

BDO Daily chart, Apr 30, 2015

The downtrend may soon form a complete descending trendline. If it does, this could exert more selling pressure on the bulls. The break of 110-115 is of great concern as BDO sellers get bolder to attack the 100 major level. This would put the 2015 short-term advance in jeopardy.

TP’s Advice: Be careful of this stock if 110-115 does not hold in the next few weeks.

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