Cup and Handle Break Led MRSGI To A Record High
In our Equity Advisor issue last March 6, we noted that Metro Retail Stores Group, Inc. (MRSGI) would start a recovery that would send it back to its day 1 opening of Php4.30. Just 4 months since then and the stock has indeed reached for Php4.30 and more, giving it a decent gain of 15.89% (again in just 4 months). Moving forward, a new breakout from a sideways pattern that appears to be a coiling formation may lead it to further its lead. Following its new break, MRSGI may likely surpass its all-time record of Php4.49 and aim for Php4.70. Note that consensus gives MRSGI a fundamental fair value estimate of Php4.48.
MRSGI write-up from the Trading Edge Equity Advisor:
March 6, 2016
We are reiterating our technical buy call on Metro Retail Stores Group, Inc. (MRSGI). Since establishing a series of higher low bases since its all-time low that it marked this January, the stock has recently broken past its pivot level of Php3.59 as well. This break, as you can see, actually translates to a breakout from a bullish reversal formation. Such may then send the stock to its day 1 score of Php4.20 to Php4.30.
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