Rizal Commercial Banking Corporation (RCB) Gave +13.35% in One Week
We all know that banks offer a measly rate of 1% or less in their deposits. If one, however, ‘invests’ in the shares of banks at the right time, he or she can net a notable sum. Take for example Rizal Commercial Banking Corporation (RCBC). In our Equity Advisor issue last February 8, 2017 (just last week), we noted that RCB would start to pick up some steam following its release from a bullish reversal in the form of a cup and handle. We noted that RCB would start to climb and reach for a target of Php45.00. As you can see from its price chart, the stock has indeed achieved the said target, giving it a gain of 13.35% inside one week! Moving forward, the stock may likely be due to enter a phase of consolidation or even a retracement as it hits a resistance at Php45.00. An overbought RSI rating also suggests that the stock may likely pause its climb in the interim. Nonetheless, the bias on the stock remains on the upside given its new uptrend and the lack of a bearish reversal pattern.
RCB write-up from the Trading Edge Equity Advisor:
February 8, 2017
While Rizal Commercial Banking Corporation (RCB) may pull back in the interim, any weakness should actually be taken as a window to go long on the stock. As you can see, RCB has just swung out of a bullish reversal that resembles a cup and handle. Its move past Php37.00 may then drive it to a measured objective Php44.00 to Php45.00.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
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