In the February 20 issue of our Equity Advisor we noted that Aboitiz Equity Ventures, Inc. (AEV) would likely head north following its breakout from a right-angled broadening triangle formation. Indeed, the stock rose to its noted objective of Php60.00, a gain of around 7% in just 9 trading days. The stock, however, has wilted since reaching a new high of Php61.60. At present, AEV may be finding some support at its previous resistance at Php55.00. If it can stay above this mark then it can bounce back to Php60.00 or even to its recent high of Php61.60. A slip below Php55.00, though, may lead it to slide to Php50.00.
AEV write-up from the Trading Edge Equity Advisor:
February 20, 2014
Aboitiz Equity Ventures, Inc. (AEV) surfaced above its resistance at Php65.00 following today’s trading. Its recent breakout from a generic area pattern may actually swing it towards its next hurdle at Php60.00. A slip below Php55.00, on the other hand, may bring it down to Php50.00 again.
*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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