CHIB moves in a different cycle from our favorite banking issues like MBT, PNB, RCB, UBP, etc. The news last May that it will be included in the index was very bullish on CHIB as it was able to climb almost 100 pesos before finding a peak last June 4 at 434. It has been consolidating since. At current levels, CHIB looks like it is trying to bottom out with support at 396 and resistance at 402. If it is able to convincingly break above this resistance, then CHIB may retest its symmetrical triangle's resistance of 425. Whether CHIB can resume its uptrend will depend on whether it can break above its triangle's resistance.
Recommendation: Buy if breakout above 402
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