Thursday, July 14, 2011

PNB, Ready for a Comeback?

Philippine National Bank (PNB) has tested its support at P57.7-P58.00, and may make a comeback to P64.00. Based from its chart, it may be doing a symmetrical triangle formation. If prices reach at P64.00, it can either have a breakout and go up to its all time highs in the P70 range or go just trend sideways until it reaches or nearly reaches the apex of its symmetrical triangle. Upon reaching the apex, it may make a breakout or a breakdown from there.



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