Numerous gapping actions have been seen in the stock of Universal Robina Corporation (stock symbol: URC) in recent days. Price has been clinging close to the 140 psychological level, but the difference now is that we have seen a break of the ascending trendline (which has served as a line in the sand since early February).
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The Money Flow Index (MFI) has trekked lower after stagnating for several days.
Now that URC is past the 130-135 price target mentioned in my previous post, the challenge is for buyers to retain control of this stock. (Do you think URC will reach 160-200 this year? )
Expect a decent retracement in price if bulls will not be able to take control of 140. Preferably, declines would stay above the 120-125 area.