Euro-Med Laboratories Soars 49.69% on Coronavirus Fears!
Increased fears from the novel Coronavirus outbreak has led Euro-Med Laboratories Phil., Inc. (EURO) to surge to its ceiling price of Php2.41. Since such fears are seen to persist or even intensify in the next few days, it is highly likely that small investors may continue to flock into the stock.
From a technical standpoint, its ability to lock itself at its limit price (ceiling) of Php2.41 and in the process forming a bullish marubozu candle indicates that buying activities on the stock may spill over at least in the following day. Such may then push the stock towards its next resistance at Php2.60 or even at Php3.00. However, I’d take its likely run-up in the short run as an opportunity to take profits on the stock but that’s me. Caveat.
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*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!
