Inverse Kilroy Target On SCC Achieved (Closed Trade) + Update
Our initial technical target of at least Php290.00 to Php300.00 in Semirara Mining Corporation (SCC) had been easily achieved in a matter of days or a few weeks since the stock broke out from an inverse kilroy pattern. Since including the upside potential in the stock in our Equity Advisor issue last October 16, 2013, the stock has already risen 19.03% as of the close of February 3, 2014. Moving forward, the stock may continue to rise towards an upside target of Php330.00 to Php336.00 following its move above its previous high at Php305.80. A presence of a bearish spinning top Japanese candlestick pattern, however, may prompt a short dip before it rises again. Note, though, that a fall below its new support at Php305.80 may bring it down to around Php280.00.
SCC write-up from the Trading Edge Equity Advisor:
October 16, 2013
One of the few mining stocks that may be starting to get back on its feet is Semirara Mining Corporation (SCC). As you can see, SCC looks to have broken the neckline of what appears to be an inverted head and shoulders pattern. Coincidentally, its RSI has breached the neckline of a similar reversal formation. Therefore, SCC may be headed to a pattern target of Php290.00 to Php300.00 if it is able to stay above Php265.00. A fall, on the other hand, below Php265.00 may lead it to fall to at least Php250.00.
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