Metro Pacific Investments Corporation (MPI) appears poised for an upside break soon. You see, despite a recent share sale that was done at a discounted price of Php4.90, MPI was still able to recover easily and bring itself back towards Php5.30. This event basically tells us that the market was able to absorb well all the churning that came from those who bought at Php4.90 and then sold the day after. In any case, MPI will likely aim for a new objective of Php6.20 to Php6.33 following a break above its resistance at Php5.30. Interestingly, the stock’s 6-12 month consensus fundamental target also lies at Php6.31.
*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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