Congratulations to @marketpainterph for being the featured trader of the week!
@marketpainterph has been sharing his thoughts consistently in the Investa community ever since August 2020 and has been very active recently.
A couple of weeks ago, our featured trader posted his technical analysis on $BDO, a hot stock in the local market and banking company led by the SM GROUP. $BDO was charted by @marketpainterph predicting that $BDO was bound for a breakout.
As the stock recently retested at around 110, @marketpainterph charted its support, volume, resistance, trendline, and RSI on the chart. @marketpainterph felt an opportunity to have a good entry near the 1st wave at 110-112 area.
TECHNICALS OF THE TRADE
Technically, $BDO bottomed at 110 are which was also nears its 52-wk low. After following the elliot wave prediction, it seems that the stock breakout at the 114-ish area, volume was still strong as BDO is one of the leader in the local stock market. BDO will now have to face resistances at the 130 and 135 levels as it tries to continue its uptrend. BDO is showing strength in terms of RSI, Volume, MA, and Net Foreign Buying (NFB). As per the prediction of the featured trader, it will consolidate first and retest before breaking out to 135+ level.
FUNDAMENTALS
BDO is led by the SY GROUP, a prominent family in the country and a diversified holdings firm focused on real estate, telecom service, banking, malls, and others. As such, the stock is heavily affected by how the financial market moves. Although interest rates remain high, the main driver for the stock right now seems to be the overall bullishness of the market as a whole. Given that BDO is the biggest bank company locally, it has a market capitalization of 559 Billion PHP. This stock is driven by the support of its parent company and the diverse businesses and affiliated with SM group.
WHAT SHOULD BE MY NEXT MOVE
Should BDO start to consolidate, a good resistance to break could be 132 as a lot of supply currently resides near that area. Once broken we could see BDO continue its rally.
As the stock continues to move, it may be wise to wait for a better entry point before putting on a trade. As always, make sure to adhere to your systems and set-ups even if the market is bullish.
Once again, KUDOS to @marketpainterph for being this week’s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.
Invest to build a better future and learn continuously to improve yourself.
Join our #InvestorDay 9.9 and get a chance to win LIFETIME ACCESS to our InvestaFest premium recorded videos and have the opportunity to learn straight from top traders, entrepreneurs, industry leaders in the country!
To join, simply:
1. Download Investa app
2. Complete application
3. Invest for as low as Php 1,000.00 to claim your 150 raffle tickets
You can invest as much as you want on or before September 9 and claim unlimited raffle tickets!
Invest today: http://invs.st/IVGWInvestorDay99Daily
