Semirara Mining and Power Corporation (SCC) has so far confirmed its break above its resistance of Php140.00. First we thought it was only due to some window dressing because its first close above the said figure happened during the last trading year of 2014. A couple of days have passed since then and the stock has remained above Php140.00. Closing bids also suggest that there is demand for the stock at above Php140.00. In any case, the stock’s move past Php140.00 translates to a break outside of a 10-month consolidation. If SCC can stay above Php140.00 then it may be able to carry itself towards a target of Php163.30. A slip below Php140.00, however, may not only cancel the break but also send it all the way down to Php116.70.
*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
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