Our quick play on SM Prime Holdings, Inc. (SMPH) that we suggested in our Equity Advisor issue last April 10 lagged a bit but nonetheless proved to be well. In that issue, we noted that it may find some support at Php19.00 and then later on use this support as a platform for it to reach its previous high near Php20.00. As you can see from its chart, SMPH hovered around the Php19.00 area before it eventually bounced and reached our initial target of Php20.00. 🙂
Another play, however, can be seen in SMPH. Upon another look, it appears that it has been forming a continuation cup and handle pattern. Should it successfully move above the pattern’s neckline at Php20.00 then it will like reach for a new target of Php22.00. A failure to move above it, on the flip side, may send SMPH again towards Php19.00.
SMPH write-up from the Trading Edge Equity Advisor:
April 10, 2013
Here’s another short term trade idea seen on SM Prime Holdings, Inc. (SMPH). As you can see from its chart, during the month of March, it respected the Php19.00 level as a good resistance. It was only on April 1 when it finally escaped the said level and instantaneously reached for Php20.00. Since then, SMPH has slipped back to Php19.00. The question now is, will the previous resistance at Php19.00 turn into support? Our hunch is that it will and if it does then it could once again aim for at least Php20.00. On the other side, a break below Php19.00 could send it down to at least Php18.00.
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