San Miguel Pure Foods Company, Inc. (PF) has quietly soared to a high of Php250.00 since its reversal during the last part of the first quarter of the year. As you can, the stock has pivoted from a year-long downtrend following a breakout from a bullish reversal that resembled a cup and handle back in March 7, 2016. Since then the stock had risen by as much as 61.30% as it reached and even surpassed our initial goal for it of Php200.00. From Php169.00 in March 20, the stock had risen by 18.4% to Php200.00. Moving forward, PF may continue to trade sideways between its Php200.00 support and its Php220.00 resistance in the near term. Bias, though, remains on the upside given its general uptrend and the lack of a bearish reversal pattern. Note that PF may once again reach for its prior peak of Php250.00 which happens to be its consensus fundamental target as well if and when it finally breaches its Php220.00 resistance.
PF write-up from the Trading Edge Equity Advisor:
March 20, 2016
San Miguel Pure Foods Company (PF) may continue to quietly march higher in the near term. Technically, PF has already pivoted off a bullish reversal that is characterized with having a higher low base against a general downtrend. Its rise over Php146.00 may have placed it to a new uptrend with a price objective of Php200.00.
*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 July 9 & 16, 2016. For more information, you may send us a direct message here or text/call (+63) 917 899 90 09.