September 3, 2010 | In: Financial

MFC Rebounding

MFC (Manulife) is officially rebounding, the stock has been going up steadily for the last week as it hit a bottom of $10.60, currently it is trading at $12.67. The stock has the potential of huge up movements every day as shorters are beginning to cover at different resistance levels. The next resistance level for this stock is $12.86, and it has been already tested today. If the stock closes above this resistance, then expect it to skyrocket next Monday. The stock seems to be resilient to different news about the economy, and it seems to me that right now investors are finding that MFC is a great investment at this price, and is currently undervalued.

I bought MFC at the price of $14.40, and I will wait for the stock to reach the $15.50 to unload my stocks.

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