In a technical point of view, the stocks of Philippine National Bank or PNB in the Philippine Stock Exchange could be a strategic buy at its current price level. If you notice, a bullish candle was actually formed during the last trading session right when the 2-year uptrend was hit. This uptrend is a strong level of support given the fact that it has been respected 3 times in the past.However, the stock price is moving below the 50, 100 and 200-day moving averages and the MACD is at the negative territory. Also, considering the US stocks’ sharp decline last Friday, blue chips in the Philippine Stock Exchange including PNB could decline as well. So in any case PNB’s price movement fails to bounce back up, I’d cut my losses below PHP52.00 or where you think the breakdown of the 2-year uptrend is. But if all goes well, there’s a pretty good upside waiting. By the way, this is setup is similar to what I posted on SM (kindly check here).
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