Stock in Focus: China Banking Corp. (CHIB)

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After nearly three grueling (and boring) months, China Banking Corp. (stock symbol: CHIB) finally printed a higher swing low (HSL) a few days before the New Year fireworks. Low volume trading has been rampant since, but nevertheless the stock made some progress and is now trading in the 60s (the close today was 60.10, up 0.17%).

The Relative Strength Index (RSI) bottomed out with that higher swing low and is now looking to break north of the 60 level.

There is potential resistance ahead of 65 and there is plenty more awaiting buyers above the 70 psychological level.

China Banking Daily chart, January 8, 2014

CHIB Daily chart, January 8, 2014

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