Time for a little south of the border action. If US banks aren't lending, banks in other countries are. Banco De Chile (NYSE:BCH) is being added to the Barchart Van Meerten New High portfolio. The bank is principally engaged in commercial banking in Chile, providing general banking services to a diverse customer base that includes large corporations, small and mid-sized businesses and individuals.
The recent priced action of a 16.28% increase last month has given the bank a Barchart 96% short term buy signal with a confirmation from the Trend Spotter (tm). The stock hit 12 new highs in the last 20 sessions and was 5 for 5 recently. It trades above its 20, 50 and 100 day moving averages at about 73.65 with a 50 day moving average of 62.19.
Wall Street brokerages have 2 buy recommendations published based on expected sales increases of 9.90% this year and 10.20% next year. Earnings increases are the real story with an EPS increase of 36.380% this year and 16.00% next year forecasted.
Investors are just beginning to discover this stock and the Motley Fool CAPS members vote the stock will beat the market 71 to 9 with the All Stars in agreement 30 to 3.
Banco de Chile is being added to the Barchart Van Meerten New High portfolio because:
- Recent price momentum has give it a Barchart 80% technical buy signal
- Barchart Trend Spotter (tm) buy signal
- Trading above its 20, 50 and 100 day moving average
- Wall Street buy recommendations based on expected increases sales and double digit increases on EPS
- Investor sentiment is positive and growing
Disclosure: No positions in BCH at the time of publication