New All-Time High For NIKL. What’s Next?
Nickel Asia Corporation has been one of our core holdings, among 3 others, since literally the beginning of the year. With the stock now surpassing its 2013 peak of around Php28.00, the question is, what’s the next target? Will it be able to extend its bull run?
NIKL write-up from the Trading Edge Equity Advisor:
June 17, 2014
Nickel Asia Corporation (NIKL) appears poised for a breakout to the upside. While the stock may be seeing some selling pressure at its former peak at around Php28.00, its ability to absorb the selling and remain close to Php28.00 since the 2nd week of May points to its resiliency. The stock may also be in the process of completing an ascending triangle formation. If NIKL successfully breaks above Php29.45 then it may send itself towards its next very conservative new minimum target of Php32.00…. or even maybe at Php40.00. On the other hand, a breakdown from the said pattern may lead it to slip to Php24.00.
…with NIKL now breaking above Php28.00, the stock looks to be on its way to Php32.00 in may be in a week or 2. But as mentioned above, it could be even be aiming for Php40.00. As you some of you may know, an uptrend in motion should be assumed that it would extend. Without any natural overhang above, it would now be easier for the stock to continue its ascent. This being one of our core, we would be willing to hold it until the time that it shows a potential bearish reversal portrayed perhaps by a lower high ceiling. Caveat.
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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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