Technicals Talk: Bank of the Philippines Islands (BPI) – 22 Feb 2024 by Regina Capital Development Corp.
BPI is once again at the overbought region with shares sustaining its upward trend since the start of the year.
BPI is once again at the overbought region with shares sustaining its upward trend since the start of the year.
Potential bounce at previous neckline levels.
After days of bathing in the overbought region, it seems like the long-awaited price correction is bound to happen sooner than later.
The PSEi settled higher by +0.62% to 6,897.36 yesterday as the bears fled the bourse.
Previous 100EMA trail resistance became support.
CREIT appears to be consolidating within a sideways trend, taking a breather around its 20-d MA.
Light sessions are seen, with foreign fund managers on their extended weekend break for the US Presidents’ Day holiday.
Potential Cup and Handle pattern.
After several attempts since last month, DNL finally broke above the 200-D moving average (MA) last Friday, gaining 3.95% and formed a rounding bottom pattern which suggests that a trend reversal to the upside is highly likely.
MONDE logged its 13th straight trading day in the greens, RSI levels are hitting the roof, levels at 85.79.
Potential inverse head and shoulder pattern.
The PSEi surged by +0.34% w-o-w to close at 6,873.23, marking its fourth winning streak.
Movements might stay range-bound for now, as the PSEi reinforces a firmer base at 6,800.
Bearish divergence on RSI.
Sentiment might sway to Wall Street’s lead, with improved liquidity returning to equities.
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