EW: sleeper update 1

We've seen that East West Bank fluctuate. Fortunately the fluctuations have been mild. Also, because of the $81 million money stolen from Bangladesh, EW was affected due to two of the accused as being former employees of East West Bank (Maia Santos-Dequito, and Allan Penalosa). This likely affected the stocks performance (through market psychology), and potential buyers stayed away.

Here is an article today wherein EW Exec reaffirmed his statement issued during the senate hearing that his bank did not have any transaction linked to any violation of the Anti-Money Laundering Act (AMLA).

You can find the full article here: Don't drag us into your mess, RCBC told 

Let's check EW's chart. (click on the photo to enlarge)

The red mark-down arrow is when the two accused were mentioned as former employees of EW (the day Enrile wanted to cite Deguito in contempt). After that small dive, price action has moved along the upward trend line. 

There was resistance at 15.28, but now it has become support. Move stop loss from 15.02 to 15.14.

For now, refrain from adding into your stock positions. If you can, add this to your watchlist and buy only when 15.40 resistance has been broken (i.e. buy at 15.42 when price action increases with good volume).

We are in no rush. Just sit and wait and follow the trading plan.

Caveat and God bless!