A backdoor listing by Macau-based Melco Crown Entertainment Ltd propelled the shares of Manchester International Holdings Unlimited Corp. (MIH) from just below Php3.00 to an amazing Php16.90 in just 3 months! In between, it even reached an intraday high of Php22.50 before closing at Php16.90 during the same day. This price action was actually scary since it is representative of a big forthcoming correcting due to the presence of heavy profit taking. From then, it went on to slide to a low of Php10.00 before it saw some support at that level. Coincidentally, the Php10.00 marker is also the 61.8% Fibonacci retracement level of the recent up surge as drawn in the chart. It then rallied strongly and is now trading below Php17.00 once again. Present indicators are healthy. MACD lines are about to make a positive cross while the RSI is not yet in the overbought area. These suggest that MIH may continue to move higher. However, I should say that MIH is not for everyone given its inherent volatility due to the gaps on its bids and offers. Hence if some one with a lot of holdings decides to sell, MIH may easily correct. Another thing is that after Melco’s tender offer, it will most likely have to sell and place some MIH/B shares to big private Filipino investors since it is a foreign company. If our understanding is correct, there is a rule by the PSE that foreigners may only own up to 40% of a listed company. Nonetheless, the prospect for its share price is good in the long run given the prospect of its $1billion casino project in Manila. Caveat.