Stock in Focus: Semirara Mining (SCC)

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Semirara Mining Corporation (stock symbol: SCC) did not offer better prices and showed no love since my February 14 post; it just continued on with its bullish tone to much higher highs. SCC may have recently formed a double top, as profit taking prompted price to retreat when it tried to reach the all-time high at 418 (set last March 7).

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Philippine Stock Exchange, Semirara Mining_SCC Daily chart, April 4, 2014

SCC Daily chart, April 4, 2014

Bulls should congregate and devise a plan to defend the 400 level this coming week. An ascending trendline is also traversing that particular level.

If 400 breaks, initial support may come in around the 340-360 area.

The MACD Oscillator (MACD-O) is ready to break the zero line along with a price violation of the 400 level.

Do you have SCC in your portfolio? Share your thoughts below!

 

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