The month of May is about to close and yet China Banking Corp. (stock symbol: CHIB) has not shown any positive signs to indicate bullish prospects are up ahead. China Banking is down 0.90 percent this week.
The Money Flow Index (MFI) has stayed below the 50 level since mid-April, in line with gloomy price action.
CHIB needs to move back above 60 as soon as it can. The critical support area is very close and lies around 47-50.
TP’s Advice: Continue to avoid this stock. Price action may get worse.
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