First Philippine Holdings Corporation

A few days ago, FPH broke below its its tight consolidation with support at 55.20. It fell to as low at 54 before slowly inching upwards until finally, today, confirmed that it formed a bear trap as it broke above its prior consolidation's resistance at 56. I will remain bullish on FPH as long as it holds above 55.4 or 56. If it is able to hold around these levels, then I believe FPH can retest its medium term consolidation's resistance of 58.50 / 59.50.

Recommendation: Buy if support holds