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Generates 19%, more gains in sight

Posted: 01/30/2013 - 12:26 pm

On January 8, we highlighted the catch-up opportunity in Union National Bank (UNB) and we argued for a rally to 3.30 in the share price. Then on January 13, we made the case for further gain in the case of a move above 3.30.
Finally, our latest update has called for a rally to 3.60 (read: It caught just as we thought it would and Remember the banks? We are still playing them).

Today, we are seeing the share price move above our target at 3.60 and hit a new high of 3.70. The momentum on the stock in the last three days hints at further gains and indicates that we will likely see the share price test the 2011 high around 3.95.

Needless to say, traders should ride the wave and protect their holdings with a stop at 3.60.

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