Philippine National Bank (PNB) To Make Some Noise?

Rumors of a possible merger by Lucio Tan-led Philippine National Bank (PNB) and Allied Bank once created market interest in the stock, causing it to reach a high of PHP 68.60 from just around PHP 50.00.

However, market interest appears to have fizzled down after reaching the said high. Since then, PNB has gradually slipped to around PHP57.50. After being out of the sidelines for awhile, I believe that PNB will once again move higher given its price action last July 1. As you can see from its chart above, PNB has just broken above its short term downtrend line. Notice also that the move causes a break in a similar downtrend line over its RSI during the same time period. Moreover, the MACD now has a buy signal as well. So given all of these three, PNB could aim for at least PHP 65.00 or even to its previous high at PHP 68.60. Although, it needs to successfully break the PHP 60.00 resistance first.

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