My Eye on BPI

Why haven't I been looking at any financial issue? Because this belongs to one of the battered sectors (well, aren't they all battered?) in the financial markets. Almost everyday however, I interact with this company. My ATM, my online stock brokerage, our company's disbursing account, to name a few. So why not take a look and see what this has to offer. This is what I've found. Intermediate trend is still on a down trend. However, since mid March, it has been on a steady climb. From a low of P47.50 last March 18, it went to a recent high of P56.00 registered last April 2-4. It has been slowly going down since then till today's low of P53.00. Looking at the chart, it seems like it has formed a bullish flag. Today's low and close is at the 38.2% retracement. We might see a bounce from this level as shown in several times it hit lows of P53.00 which could be a strong support. I've looked at the MACD at these times and it's been going up at each instance. What I also like is that the MACD line has crossed above the zero line. Volume also increasing. Could it just be taking a pause before it resumes its uptrend? I'll wait till this breaks out of that flag formation. Attack upon breakout!