Here’s another look at Metropolitan Bank & Trust Company (MBT). You see, after reacting positively from the bullish hammer and southern doji that it drew over the last 2 months as per our last review on the stock, it has recently surfaced above a complex version of either an inverted head and shoulders or a double bottom pattern as well. Note that a jump in volume that accompanied its move may validate the break. Note that since the time of our last review on the stock as per our Equity Advisor dated February 9, the stock has already risen by 7.1%… and this may just be the beginning of a new run. In any case, MBT may aim for a new target of Php90.00 if it can stay above Php80.00. Still, a fall below Php80.00 can bring it back to Php75.00.
MBT write-up from the Trading Edge Equity Advisor:
February 9, 2013
Metropolitan Bank & Trust Company (MBT) may make a decisive move upward as well as the stock finds some major support at its long term uptrend line. A hammer and a southern doji, both bullish candles, indicate a likely bounce soon. If MBT can stay above Php70.00 then it may be able to rise towards Php90.00. A move past that may then send it towards its previous high of around Php105.00. A monthly close below Php70.00, meanwhile, may bring it down to its previous resistance at Php60.00.
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