Stock: SECB
Company: Security Bank Corporation
Support: 125.63 / 123.60
Resistance: 132.00 / 135.00


After two straight days of a breakdown, SECB’s price decline eased as it found respite at the 125.63 level. Nevertheless, there is still some leftover selling signals from the two-day downturn, but momentum is starting to taper.

The indicators are uniformly showing bearishness but the RSI already developed an upward bias. Momentum from the DMIs are declining as well Furthermore, the stock remains above its key short- and long-term moving averages.

Should the current support level hold, SECB may start to consolidate sideways before climbing anew. However, there is a relatively strong resistance at 132.00 that may limit the stock’s uptrend in the coming weeks.

Meanwhile, the 50-d and 260-d MAs are showing signs of a possible golden cross.

Recommendation

Buy when support holds

LEAVE A REPLY

Please enter your comment!
Please enter your name here