Pennant Target On MARC Hit (Closed Trade) + Update
Marcventures Holdings, Inc. (MARC) continued to surge to a new yearly high of Php4.22 following a breakout from a bullish pennant pattern. From the time of our mention in our Equity Advisor issue last November 2, 2013, the stock had jumped towards its minimum target of Php3.80 – a rise of 18.38% in just 7 trading days! From the time of its breakout, the stock rose 9.84% in just 4 days! After peaking at Php4.22, though, the stock slipped to a low of Php2.53 before it recovered again. Moving forward, the stock may just drift sideways within a tight range with a support at Php3.37 and a resistance at Php3.60. Note that a fall below Php3.37 may bring it down to around Php3.00.
Fundamentally, the stock is given a 6-12 month consensus target of Php5.50.*
MARC write-up from the Trading Edge Equity Advisor:
November 2, 2013
Marcventures Holdings, Inc. (MARC) looks poised to breakout from what appears to be a bullish pennant pattern. A breakout may be deemed valid if the stock successfully moves above its recent high at Php3.40. The move also has to be coupled with a spike in volume. If that happens then MARC may rise to at least Php3.80 (its 2-year high) in the very near term. However, a failure to break may keep it flat. Worse, it could fall to around Php2.50.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks are available in our Equity Advisor!
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