In July 23 edition of our Equity Advisor, we noted that Marcventures Holdings, Inc. (MARC) was about to complete bullish coiling pattern that would eventually lead it to a target of around Php6.70. As you can see from its chart, the stock has not only broken out of the said pattern but has also managed to tally a new YTD high of Php5.50. This recent breakout plus an unfilled demand amounting to over 1.2 million shares at the closing of August 7 may likely lead it to rise in the very near term and eventually head to its target of Php6.70. Still a slip below Php5.00 may cancel the said break and send it down to Php4.00.
MARC write-up from the Trading Edge Equity Advisor:
July 23, 2014
Marcventures Holdings, Inc. (MARC) looks poised for a continuation of its uptrend as it moves closer to the last portion of a coiling pattern. A breach above Php5.30 may send it to a new target of Php6.70 while a move below its uptrend support may trigger a move lower and send MARC to Php4.00.
*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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