Stock in Focus: SM Prime Holdings (SMPH)

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The imperfect downsloping channel seen in SM Prime Holdings (stock symbol: SMPH) in early January was recently replaced by a less steeper one and is now looking to make a more considerable bounce through the 15.00 psychological level.

Buyers are not yet out of harm’s way: they must keep buying and provide support near Tuesday’s 14.10 low, while simultaneously aiming for a break of 16.00 soon.

The MACD-O gave a useful hint in our previous article. On the chart below, the Relative Strength Index (RSI) has shown a bullish divergence which supports at least a short-term advance. The big question, right now, is whether this stock can reach and take out the 20.00 psychological level in the next few weeks.

SMPH Daily chart, January 24, 2014

SMPH Daily chart, January 24, 2014

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