San Miguel Corporation (stock symbol: SMC) has trickled much lower since my previous post. This stock is now trading in the mid-50s after the support at 60 lasted for about a month. Last week, price reached 54.50 – a 4.5-year low, the same day it registered a high volume.
Will this high volume make a difference? I don’t think so, but I hope so. The near-term challenge for any advance from this point on is whether bulls can safely traverse the forest around 80-90.
The Stochastic remains in oversold territory. It has just formed a bullish cross and is aching for an upmove.
TP’s Advice: This must be 1 of the ugliest charts within the PSE index. Avoid this stock, just as I’ve advised before. (Some people have prolonged their agony even when they don’t have to.) Sell on rallies, in my book. It would be better to find other stocks.