Henry Sy-backed Banco De Oro Unibank, Inc. or BDO as it’s commonly known made some significant headway over the past two months. And it appears that BDO still has some more left in its bank for a move higher.
The start of 2011 was not particularly well for BDO as its shares slid from around PHP 60.00 to a low of PHP 45.8 on February 23. From that point, it was able to pick itself up all the way back to PHP 54.00. After that, it consolidated for a while before it breached the PHP 54.00 resistance the other day. Since the start of the year, BDO was actually forming a cup and handle pattern which it broke last Monday. Now, if it can keep its head above the PHP 54.00 then it could head all the way to PHP 62.00.