Our fast trade idea on San Miguel Corporation (SMC) that we shared on our Equity advisor last April 10 worked well. As you can see from its chart, SMC broke its short term downtrend line. A presence of a breakaway gap affirmed our view that SMC may at least try to aim for Php125.00 soon due to the fact that an upward gap often represents a jump in the appetite of buyers. After moving sideways for a couple of days after the breakout, SMC soon went higher and reached our initial target of Php125.00. 🙂
SMC write-up from the Trading Edge Equity Advisor:
April 10, 2013
San Miguel Corporation (SMC) may extend its recent gains after it broke away from a short term downtrend. The gap during the breakout made the move more pronounced. This indicates that there was an immediate high demand on the stock. Notice also that SMC’s MACD has just turned positive, suggesting that its rally may just be starting. In any case, today’s move may send it towards its previous resistance at Php125.00. On the other note, a fall below the floor of the gap at Php118.00 may send it to at least Php115.00.
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