Company: Metropolitan Bank and Trust Company
Support: 47.35 / 44.50
Resistance: 49.80 / 51.75
After a six-day downturn that saw the stock get dragged below its key short- and long-term MAs, and pulled the indicators close to oversold territories, MBT was able to recover strongly. There was a slight gap up last Friday, which propelled MBT towards an immediate resistance of 49.80.
The indicators are currently mixed, though. The RSI is in the buying region with some upward bias. The DMIs are poised to cross over bullishly, while the momentum is flattish. On the other hand, the MACD is still showing sell signs.
MBT may be able to sustain its uptrend in the near-term. There is a strong resistance at 51.75.
Buy on breakout.