Cirtek Holdings Philippines Corporation (PSE:CHIPS) has finally caught up with the upward trend. In the past two weeks, the stock has jumped by 44.41% from P11.98 on November 26 to P17.30 on December 7.
Before the upsurge, the stock was trading sideways for the last three months. Even with the release of positive earnings outcome CHIPS did not really take off as would normally happen. Other than their reported income its stock dividend declaration may have also affected the sudden surge in the stock.
We like CHIPS as it caters to a rare industry that continue to rapidly develop, but recent market actions may already have made the stock overbought. For a more significant upside, we suggest to wait for a major pullback at around P14-15 per share.
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Disclaimer: This article is solely the opinion of the author based on personal research. Any statement made is not a conclusion of absolute fact and is not intended to impose or persuade anyone's judgement.