EEI Corporation (EEI), as we’ve noted in our Equity Advisor issue dated February 25, 2014, would start to reverse it negative course and move higher following its step above the Php11.00 marker. As you can see now from its weekly chart, the stock has convincingly gone over and broken out of a double bottom formation. If EEI can sustain its move and stay above Php11.00 then it may aim for a target at around Php12.70 to Php13.00 area. Note that the 6-12 months consensus fundamental target of Php12.70* that is given by the top foreign and local brokers coincides with its technical target as well. Still, a drop below Php11.00 would quash the breakout and send EEI back to Php10.00.
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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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