San Miguel Corporation (stock symbol: SMC), one of the ugliest charts in the PSE index just a few months ago, is now looking a bit rosier based on recent interesting developments.
The stock is on a tear lately, rising from 55 to 73 in just 4 days since March 14. If price can continue higher, the next target is the gap area at 80. There are lots of wood to chop ahead of 100.
The Relative Strength Index (RSI) has stayed above the 80 level for some time now. This is unsustainable although price can continue to rise further.
TP’s Advice: It’s better to be safe than sorry, so sell on rallies, still. Bulls should stay cautious. Non-holders who are interested in this stock should stay vigilant. Recent price action could be fleeting or lasting; continue to monitor price action, and keep an eye on the areas mentioned.
Do you have SMC in your portfolio? Share your thoughts below!