Banks all over the world were terribly affected by the current stock market crisis. Many went bankrupt, some still going and most were struggling. Despite that, many of the Philippine banks were able to hold on and maintain a strong and stable company and one of them is Banco De Oro (BDO). Looking at its chart, more than a year of downfall had occurred to its stock value. This year of March however was the turning point making a big turnaround by bottoming at 20 pesos per share. It’s currently above 30 pesos and still showing signs of rising as an ascending triangle chart pattern (indicatd by the red horizontal and diagonal line) is being formed as for my technical analysis. Once a break above 36.5 pesos and a sudden surge in volume occur, it may easily reach 42 pesos. Click image to enlarge!
Archives for August 2009
Universal Robina Corporation or URC, a publicly listed company in the Philippine stock market, has been performing well as its stock value increased. From my previous post I mentioned that it was creating an ascending triangle chart pattern as for my technical analysis but not. As seen in the chart, URC is moving in a “range” bouncing off the support line (red diagonal line) couple of times . Despite the area pattern confusion from the previous post of this topic, it still achieved its minimum target price of 9.5 Php. Click image to enlarge!
As for my technical analysis ,head and shoulders chart pattern (3 arcs: The head is the biggest red arc and the shoulders are the arcs beside it), being formed by APC Group Inc. (APC), is soon to breakout. In fact, it tried to breakout today (indicated by the blue circle) with heavy volume but failed since the price didn’t end up above the resistance line (red horizontal line) of the said formation. But once it does, my minimum target price is set at 0.63 Php. Click image to enlarge!
Among the many companies publicly listed in the Philippine stock market, Geograce Resources (GEO), has been forming a cup and handle chart pattern (indicated by the bigger red arc is the cup and and the smaller red arc indicates the handle) as seen in the picture. This is a bullish pattern and the price potential is on the upside. My breakout point would be the price going above the neckline (red horizontal line) or above 0.81. Once it does, a good buy there is. 1 Philippine peso is easily achievable. Click image to enlarge!
Two bullish area patterns are seen in First Gen Corporation (FGEN) as for my technical analysis, a cup and handle chart pattern (indicated by the bigger red arc is the cup and and the smaller red arc indicates the handle) and a symmetrical triangle formation (indicated by the two vertical lines in the 2nd picture). If good news back up the global markets, prices can climb anytime. Click image to enlarge!