Banco De Oro (BDO) has achieved the target price of 41 pesos per share. Click to see previous post about BDO.

Banco De Oro (BDO) has broken out of it’s ascending triangle formation as it gapped up during the opening of today’s trading session. Click to see previous post about BDO.

The ascending triangle formation on the chart of Banco De Oro (BDO) was still premature during my last post on it since it was just forming. Now, it looked like to have set up a better ascending triangle (indicated by the horizontal and diagonal line) and more likely to breakout soon. The price to break is at 36.5 and once it does with heavy volume, an easy 41 pesos per share will be achieved. Click image to enlarge!

Banks all over the world were terribly affected by the current financial 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 (indicatd by the red horizontal and diagonal line) is being formed. Once a break above 36.5 pesos and a sudden surge in volume occur, it may easily reach 42 pesos. Click image to enlarge!