MBT reached 79.10 as of 250pm SGT. High likely it broke out from its short term-medium term downtrend channel.
1st resistance is 79 area, which I think is just a temporary resistance, and a breakout of that level could lead us all the way to 83.70 level and so on. This could possibly it! A good attempt can make PSEi alive again and turn MBT to an UPTREND stock.
Unloaded 15% of MBT at 79.05 today, to bring good luck and achieve 83.70 target level soon.
Another banking stock I am looking at is BDO. It looks weak lately buy could be a chance to follow MBT's footstep.
A resistance of 75 is in place, but a breakout of that level could give us an upside of 80-82.
This is one of the stocks that Foreign are doing the NINJA MOVE. If foreign is done buying this stock, they could kick this soon, but if not, I believe a dead cat bounce can catch attention before they drop this stock again.
I really feel that PSEi has bottomed short-medium term with target of 6100-6200.
The only thing that could neutralize this forecast is when US peaks its Primary Wave III and goes to Primary Wave IV(10-20%) correction. 50% chance
And another 50% chance that after 0.5% to 1.5% correction of US within this 2 weeks, an extension of rally to new highs could occur.
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