CHP potentially bottomed out already

Cemex Holdings Philippines, Inc.

CHP has potentially bottomed out already after a clearer Bullish Divergence pattern on several indicators has been established. The recent sharp sell-off was halted after hitting its 200% retracement from its short term rebound (9.05 to 9.89). A further confirmation of a bottoming pattern is the Bullish Harami candlestick pattern with potential confirmation today.

*Bullish Divergence pattern on indicators like CCI, RSI, EFI, MACD Histogram and a few others.
*Immediate resistance is the previous support prior to 2nd breakdown at 9.05.
*Immediate support around the 200% retracement.

Previous analysis:

Trading Plan
- Test buy
- Set the stop-loss just a bit below the recent low at 8.12 (or on breakdown from 8)
- Immediate TP at 9.05. Profit run on strong momentum towards 10.75.


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