San Miguel Corporation (stock symbol: SMC) has been pounded by sellers throughout this merrymaking month and has now reached prices last seen in late-2009. And yet, price do not show any strong indication that it will reverse its course. The breather from the recent decline has stuck around 60 and produced no meaningful bounce so far. Any upside will have bulls greeted with a lot of wood to chop until at least the 75-80 area.
The TRIX indicator merrily continues its downtrend following in the footsteps of price.
TP’s advice: Avoid buying this stock for now. Those who have this stock should consider reducing your exposure unless you are prepared to see this stock trade around 40 or lower. 60 is the near-term line in the sand.
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