• Caught SM at its Low!

    Caught SM at its Low!

    Last March 20, we mentioned that SM could rebound from its support at Php1,000 and move towards its previous high just above Php1,100. In a week’s time, SM indeed reached the said target and even marked a new high of Php1,199. 🙂

    SM write-up from the Trading Edge Equity Advisor:

    March 20, 2013

    Like most of the other stocks, SM Investments Corporation (SM) also suffered a major sell off in the past several days, falling from Php1,100 to around Php1,000. This dip in the price of SM, however, can be treated as a good opportunity to get in. As you can see from its chart, SM has established the Php1,000 marker as a significant level, having traded much there previously. Given this, buying interest on the stock can be found near Php1,000. This could possibly push it back towards Php1,100 again. A presence of a bullish harami candle also suggests this possibility. However, if the Php1,000 marker gives way and breaks then SM could fall down to Php950.

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