Stock in Focus: SM Prime Holdings (SMPH)

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The stock of SM Prime Holdings (stock symbol: SMPH), Henry Sy’s holding firm for his commercial shopping center business, has declined on Friday to close the week slightly lower from its Monday open.

SM Prime Holdings breached our upper line in the sand and rose to a 16.76 high on Tuesday before easing to a 16.28 low on Friday. This puts SMPH close to filling the gap it formed at the start of the week, which sits right smack at the 16.00 level.

Before this late-week decline, this stock flashed a bearish divergence (red lines on the chart) signal on the Commodity Channel Index, which has enjoyed mostly above +100 levels since the start of April.

I expect the stock to stabilize between 15.00-16.00 to keep the momentum on the buyers’ side. If not, you should prepare for a potential prolonged bout of consolidation.

Philippine Stock Exchange, SM Prime Holdings_SMPH Daily chart, April 25, 2014

SMPH Daily chart, April 25, 2014

 

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