{"id":20648,"date":"2011-04-13T21:12:11","date_gmt":"2011-04-14T01:12:11","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20648"},"modified":"2011-04-13T21:12:11","modified_gmt":"2011-04-14T01:12:11","slug":"rizal-commercial-banking-corporation-rcb-makes-a-move","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/04\/13\/rizal-commercial-banking-corporation-rcb-makes-a-move\/","title":{"rendered":"Rizal Commercial Banking Corporation (RCB) Makes A Move!"},"content":{"rendered":"

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The stocks of publicly listed company, Rizal Commercial Banking Corporation<\/a> or RCB in the Philippine Stock Exchange, went  up by 2.9% to PHP<\/a>28.75 during today’s trading session. This move was backed up with significant amount of volume that makes me consider this a convincing breakout from the 6-month descending channel pattern<\/a>. If buying pressure follows through, the stocks could reach my conservative target price of PHP31.00 which I got by adding the height of the channel to the breakout point. A few days ago, RCB has also passed above the 100 and 200-day moving averages which tells us the bulls are still around. The MACD has just gone above the positive territory and the RSI is in a stable condition which even strengthens this stock. On the downside, the immediate support could be the 2-month uptrend<\/a>. If the stocks further drop below that, the next support could be the 2-year uptrend.<\/p>\n

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In the bigger picture, what appears to be RCB’s resistance at PHP31.00 is actually the neckline of a possible 4-year cup and handle<\/a> formation with the handle being the 6-month descending channel. If it is indeed one and the stocks breakout from this humongous pattern, my conservative target price would be the PHP45.50 all-time high. However, before it reaches that marker, it needs to surpass the PHP37.50 resistance.<\/p>\n

More on LaidTrades.com<\/a> …<\/p>\n","protected":false},"excerpt":{"rendered":"

The stocks of publicly listed company, Rizal Commercial Banking Corporation or RCB in the Philippine Stock Exchange, went  up by 2.9% to PHP28.75 during today’s trading session. This move was backed up with significant amount of volume that makes me consider this a convincing breakout from the 6-month descending channel pattern. If buying pressure follows through, … <\/p>\n

Continue reading “Rizal Commercial Banking Corporation (RCB) Makes A Move!”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20648","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20648"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}