Here’s another opportunity to play the range of 8990 Holdings, Inc. (HOUSE). As you can see from its chart, the stock has dipped back to the resistance of a rectangle at around Php7.50. A support here plus a presence of a bullish hammer candlestick in its dailies suggest a potential rebound in the near term. If its floor at Php7.50 holds then the stock may bounce and head back to its resistance at Php8.50. A move past Php8.50 may then send it to the target of the rectangle that it broke before at Php9.00. On the down side, a fall below Php7.50 may bring it down to Php6.50.
*Consensus target price or average target price given by the major foreign and local brokers of various stocks are available in our Equity Advisor!
For those who are interested in technical analysis or learning how to profit using charts, we have an upcoming Technical Analysis Course on August 23 – 24, 2014. For more information, you may send us a direct message here or text/call (+63) 917 899 90 09.