MBT Target Hit
Our recent quick play on Metrobank (MBT) turned out really well. As you can see from its chart, MBT broke out from a rectangle pattern last April 22. However, given its strong closing and its rather shallow target at that time we preferred to delay any entry if the stock dips to improve our risk-reward ratio. It our Equity Advisor Issue last April 28, we indicated that perhaps it was already alright to get in. Indeed MBT opened the following week positively and in a couple of days jumped towards our target of Php130.00. Not bad for 1 week of play. 🙂
MBT write-up from the Trading Edge Equity Advisor:
April 28, 2013
Here’s a quick play on Metropolitan Bank & Trust Company (MBT). Last April 22, MBT finally broke above its resistance at Php120.00. As you can see from the chart, its RSI also broke above a resistance drawn above it, making the move more valid. In any case, MBT may aim for a target of Php130.00 if it is able to stay above Php120.00. The dip in its prices during the last 4 days may actually be taken as an opportunity to go long given the fact that our initial target is not reached yet. However, if MBT falls below Php120.00 then it may further slide down to around Php110.00.
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