Update: First Philippine Holdings

Uh-oh! Instead of holding above support, FPH broke below it. It is clear (in hindsight :-P)  that FPH formed a bull trap when it broke above its range of 51.50 to 59.50. It formed a peak at 61.50 before correcting back down and breaking below its new support at 59.50 and 58.50. FPH now looks poised to retest its (red) channel's support at 56. As long as it is able to hold above 56, then I believe the bulls may still have a fighting chance.