MBT - rally?

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MBT = 53 (1.0%)

MBT formed a black candle with higher high and higher low. Volume decreased.

MBT likely to be retracing recent correction or downtrend. For the retracement to be unhealthy MBT must retrace more than 61.8%. An unhealthy retracement of the correction or downtrend will put upward pressure on the price action of MBT.

Good luck to all MBT traders!

Metropolitan Bank and Trust Company (Metrobank) said it has not missed its responsibility to pay taxes and will pursue legal remedies to contravene a court order to settle its unpaid taxes. In a statement, Atty. Antonio Viray, Metrobank's assistant corporate secretary, said the bank has filed a motion for reconsideration with the Court of Tax Appeals. "In any event, we are ready to avail [ourselves] of other legal remedies, including going to the Supreme Court, to finally resolve this industry issue," Viray said. Viray said Metrobank has remitted P64.4 B in national and municipal taxes in the last three years. He said in 2006 alone, Metrobank paid P24.5 B in taxes to the government. The Bureau of Internal Revenue said CAT had ordered Metrobank to pay P3.786 B in back taxes and interests particularly documentary stamp taxes, deficiency gross receipts tax for its universal saving accounts, interbank call loans and onshore income. In terms of assets, Metrobank is considered the country's largest bank with P665 B as of end-September this year, up by P35.4 B year on year. - from Citiseconline and Technistock
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