Petron Corporation: To Come From Behind?
While majority of the index names have been performing well since the start of 2012, Petron Corporation (PCOR) got the ire of a lot of people as it remained to be a major laggard in terms performance. Now is a different story, however, as it seems that the tide may finally be turning PCOR’s way. As you can you from its chart, after sliding from its 2011 highs and reaching a low of Php9.70 back in March 2012, PCOR appears to have formed a cup and handle pattern that it broke out of just today. If PCOR can keep its head above the Php11.10 neckline, then it may reach for its minimum target of Php12.50. Though it may still aim for Php13 as that particular mark looks to be the next resistance after the initial target ahead. On the flip side, a move back down below the Php11.10 neckline could send it back down to Php10.50.
