PNB To Revisit Its 8-Year High?

Philippine National Bank or PNB in the Philippine Stock Exchange made an awesome 60% run in just 2 months. One of the reason for the sudden rise was the speculation of another bank's acquisition on PNB. From PHP42.05 last February, the price shot up to PHP68.60 2 months later.  Then PNB corrected and started consolidating sideways. In the process, its stocks could be forming a 3-week bullish pennant awaiting for a breakout as the price moves above the 50, 100 and 200-day moving averages. The diminishing volume also confirms the possible formation. If the stocks break above the pennant's resistance with heavy volume, the target price we could set is the 8-year high of PHP74.50. I got this by gauging the height of the pennant and added it to the possible breakout point. However, before it reaches that level, the 68.60 resistance first needs to be cleared out. On the flip side, the immediate support could be 61.90. If that gets breached, the next support could be 56.80.

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