The unfortunate landslide in Semirara’s mine has caused SCC to freefall from a high of Php258 down to Php230 in almost an instant. However, we noticed that SCC managed to settle right at this support and noted in our newsletter last February 25 that it could bounce off of this and recover and reach back to its former highs near Php250. After a couple of days of hanging at Php230, it eventually rose and today it already hit our quick target of Php250.
SCC write-up from the Trading Edge Equity Advisor:
February 25, 2013
Semirara Mining Corporation (SCC) has suffered recently due to an unfortunate landslide at its mine which has forced it to suspend its operations. After gradually reaching and marking a new all-time high at Php258.00, SCC suddenly fell all the way to a low of Php220.00 on the day of the accident before closing higher at Php237.20. A lot of investors, however, remained afraid as evident in its price action days after. In a couple of occasions, SCC tried to breach the Php230.00 support in a couple of occasions but failed to do so as buyers quickly picked up bargain share that pushed SCC’s price back up. At present, SCC appears to find some support at Php230 which it could use as a spring board for it to reach back its previous highs. However, a close below Php230.00 may send SCC to its next stop lower at Php220.00.
Buy at Php230.00
Target at Php250.00
Cutloss at Php219.00
To know more about the Trading Edge Equity Advisor, [zenith_button text=”Click Here” url=”http://tradingedgeconsultancy.com/services/subscription/” target=”_self” size=”btn-medium” style=”rounded” color=”#1b9772″]
Subscribe now to receive email alerts before the price moves!