• Cha-CHIng!

    Cha-CHIng!

    Last March 31, we noted in our Equity Advisor that Cebu Holdings, Inc. (CHI) may soon catch the attention of many as it was already bound to rally. As you can see from its chart, CHI indeed found support at Php4.50 and then bounced off towards our initial target of Php5.20. Honestly we did not think that it will achieve its near term target this fast but it did… in just 3 days! 🙂

    But wait! There’s more…

    After rallying from Php4.50 to Php5.20, CHI maybe poised for another leg up. As you can see, it is presently forming what appears to be a cup and handle pattern. A break above its neckline at Php5.30 could send it to a target of Php6.80. However, it is important to note that there is an immediate resistance at Php5.50. Hence, it may be prudent to just buy when it goes above this resistance. Though, a fall back below Php5.30 would invalidate the breakout and send CHI back to at least Php5.00.

    Buy on breakout (preferably above Php5.50)

    Target at Php6.80

    Cutloss at Php5.20

    CHI write-up from the Trading Edge Equity Advisor:

    March 31, 2013

    Cebu Holdings, Inc. (CHI) could receive some attention soon as it hovers just above its Php5.20 support.

    This mark also coincides with the 50% Fibonacci retracement level of its most recent advance, suggesting that CHI may stage a rally in the near term. Moreover, its MACD is both about to make a positive cross and move above the zero line. Such adds to the possibility of a rebound soon. In any case, if bounces then it could go for at least Php5.00 or even Php5.20. Meanwhile, a fall below Php4.50 could send it down to Php4.20.

    ____

    To know more about the Trading Edge Equity Advisor,  [zenith_button text=”Click Here” url=”http://tradingedgeconsultancy.com/services/subscription/” target=”_self” size=”btn-medium” style=”rounded” color=”#1b9772″]

    Subscribe now to receive email alerts before the price moves!

     

    Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInShare on TumblrPin on PinterestShare on StumbleUponShare on RedditDigg thisBuffer this pageFlattr the authorEmail this to someone