SM Prime Holdings, Inc. (SMPH) remains trapped below its midterm downtrend line. Last May, the stock attempted to rise past the Php17.00 marker but was again stopped by the same midterm supply line. A resistance there led it to fall to around Php15.80. Despite the major hindrances above, the stock appears to be building a higher low base. Such suggests that the general demand for it even at higher prices (compared to the first quarter of this year) has relatively been improving. This may prep the stock for an eventual move towards higher levels. In the interim, though, SMPH may continue to trade between its temporary base at Php15.80 and its downtrend line at Php16.50. A move past Php17.20 on a weekly setting may trigger a positive break and send it to its next major hurdle at Php19.50. On the flip side, a fall below Php15.40 may send it down to Php14.30.
*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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