If you missed the boat on our previous quick trade on Rizal Commercial Banking Corporation (RCB) then you’re in luck as the same play is now on the taking once again. As you can see, RCB is back at the Php65.00 support and its uptrend line after hitting a ceiling at Php70.00. RCB can use this support as a level to bounce off against. If it does then hitting the Php70.00 marker may be achieved again. On the flip side, a fall below Php65.00 could send RCB down to Php60.00.
RCB write-up from the Trading Edge Equity Advisor:
Mach 10, 2013
Rizal Commercial Banking Corporation (RCB), like ALI, sold $100 million worth of shares to private investors last Thursday at Php64/sh. Similarly, RCB fell from Php67.00 to Php64.90 as some of those who were able to buy at a discount quickly took some profits. In any case, the Php65.00 support appears to have caught RCB. If this level holds, RCB may use this as a stage to push itself back to its previous high at around Php70.00.
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