CitisecOnline.com, Inc. or COL as listed in the Philippine stock exchange is the biggest online stock brokerage company in the country and this will be my weekend Philippine stock pick. Wow, I just noticed that it has been 8 months since I last posted on this. Anyway, last April of 2009, Citiseconline stocks surged upward from 3.7 pesos to 12 pesos per share in a span of 7 months. After the run, the stocks started moving sideways up to now. Currently, there is a 10-month sideway trading range in the COL stock chart with the support at 9.8 pesos and resistance at 12 pesos and it’s really hard to tell up to how long the prices are going to move in that direction. Considering the stock price breaks above the 12 peso mark, the value could head all the way up to the next significant resistance at 15 pesos. Still, there’s always the downside, so if the stocks start declining and break below the the 9.8 peso support, 8.8 pesos could be the next target. At the same time, there’s a possible symmetrical triangle forming but the pattern still looks unclear. Your thoughts?
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