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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