Several months have past and China Banking Corp. (stock symbol: CHIB) is still in no man’s land, wandering in a narrow range between 55 and 62.
The recent breaks above the 60 level were fleeting and this gives us a hint that sellers are still in control. Buyers should wake up and tear up 60 again so they can target the gap area at 65-70. On the downside, bears will likely aim for the 50 psychological level. Beyond that is a new multi-month low.
The Moving Average Convergence Divergence (MACD) is below the zero level and ready to make a substantial downside move.
TP’s Advice: Find other more active stocks with better prospects.
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