BDO Unibank (#BDO) To Revisit Its All-Time High?
In our Equity Advisor issue last November 19, 2018, we noted that BDO Unibank, Inc. (BDO) would extend its rally and reach for at least Php137.50 following its breakout from a short run head and shoulders bottom. As you can see from its chart, the stock has indeed achieved the mentioned goal. Moving forward, the stock may actually continue to march higher and perhaps revisit its all-time peak (Php160 to Php167.70). This is so as the stock has broken out from an even wider inverted head and shoulders bottom. Its recent rise over its neckline resistance at Php136.00 may then send it to around Php160.00 to Php167.70. Note, though, that a stop loss trigger must be placed below Php136.00. Fundamentally, the consensus gives BDO a 12-month fair value of Php136.12 although one of the major banks/investment houses rated it with a target of Php180.00.
BDO write-up from the Trading Edge Equity Advisor:
November 19, 2018
BDO Unibank, Inc. (BDO), contrary to our earlier prognosis, may instead continue to swing higher in the next few weeks. This is so as the stock has completed a newly transformed inverse head and shoulders and in the process also invalidated what earlier looked like a breakdown from a rising wedge pattern. Anyhow, its break above its neckline resistance at Php124.00 may then send it to its prior resistance at Php137.50. Note, though, that a stop loss trigger must be placed below Php124.00.
_____
To know more about the Trading Edge Equity Advisor, kindly click HERE. Subscribe now to receive email alerts before the price moves! Here’s what our students and subscribers say. 🙂
*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!
For those who are interested in technical analysis or learning how to profit using charts, we have an upcoming Technical Analysis Course on March 16 & 17, 2019. For more information, you may send us a direct message here or text/call (+63) 917 899 90 09.
