Semirara Mining Corporation (SCC) quickly reversed its bad luck that it suffered when a landslide occurred in their mine, causing them to temporarily shut down their operations. Against the initial scare SCC recovered and then even broke above its resistance at Php260.00. On the March 31 issue of our Equity Advisor, we noted that the breakout above Php260.00 completed the continuation cup and handle that it was forming. We also said that it would eventually reach a target of Php300.00. In just a couple of weeks, SCC indeed reached for the said target. Given the buyers’ appetite on the stock as can be seen by the length of the last green candle, it is likely that SCC will even surpass the Php300.00 marker. 🙂
SCC write-up from the Trading Edge Equity Advisor:
March 31, 2013
The recent breakout of Semirara Mining Corporation (SCC) may lead to a possible breakout in the Mining and Oil index from a falling wedge pattern. In any case, if SCC is able to keep its head above Php258 for at least another week then it may start to aim for its upside target of around Php300.00. Note that Deutsche Bank Regis has a target price of Php300 as well for SCC. On the negative side, a fall below Php258 may send SCC back towards Php230.
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