SM Prime Holdings, Inc. (SMPH), as expected, has indeed reached its 2013 peak again shortly after it escaped above its prior resistance at Php18.00. In the near term, however, the stock may likely see some more selling pressure and wilt back to around Php19.40. This is because the stock is presently facing a major hurdle at the same Php21.25 level. This plus a presence of a bearish shooting star candle and an overbought RSI grade point to a possible weakness soon. Take note that the stock’s 6-12 month fundamental consensus target of Php20.83 has likewise been achieved. Having said that, SMPH, at present, offers no upside from today until the year-end at least from a fundamental perspective.
SMPH write-up from the Trading Edge Equity Advisor:
January 22, 2015
SM Prime Holdings, Inc. (SMPH) has been one of the laggards among the index stocks. Its recent move, though, suggests that it may make up for time that it has lost. As you can see from its weekly chart, the stock has just broken above its resistance at Php17.80. While it has temporarily met some selling at Php19.00, it may nonetheless aim for its former peak of around Php21.25.
*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!
For those who are interested in technical analysis or learning how to profit using charts, we have an upcoming Technical Analysis Course on April 25 to April 26, 2015. For more information, you may send us a direct message here or text/call (+63) 917 899 90 09.