2 year chart
Looks a like cup with and handle in the making or another rounding bottom in the making?
After breaking out from the 38.00 pesos resistance, there was a gap up the following day with a gain of 1.3% and the price closing at 39.00. Next resistance points will be 40.00 and 42.00.
New support is at 38.00 and major support at 36.00.
The price breaks out of long consolidation of the 36.00 to 38.00 range. With this break out, we expect it to trade between 38.00 to 40.00 as long as the 38.00 support holds.Please see chart below highlighting the consolidation time frame.
6 month Chart
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