Company: BDO Unibank Inc.
Support: 100.70 / 97.60
Resistance: 105.00 / 108.00
BDO isn’t off to a great start this year, after shedding as much as 4.40 pts. in just two trading sessions.
Indicators have turned slightly bearish. MACD signal lines have been on a sell alarm since the tail-end of December 2020. RSI is in selling territory, while DMIs are showing bearish divergence with increasing momentum.
At this point, BDO is treading closer and closer to its 50-d MA-turned support at 100.70. Important is whether or not this would be a good bounce-back entry point.
At the rate the stock is going, the downturn could very well be sustained. Should the 100.70 support be broken, BDO could reach as low as 97.60.
Buy when support holds.