Universal Robina Corporation (stock symbol: URC) displayed gapping action… again? This stock certainly showed much-less extreme gapping actions back in mid-March when it was trading in the 140s.
I hinted on an open target of 160-200 on that March post, and obviously we have reached the lower part of that target area thanks to the recent gap. Bulls have to pat their backs since they were able to control the 140 area from March onwards.
The Stochastic indicator has shown a bearish divergence (green lines) as it etched an upside gap. We could see the gap close soon, and an eventual retracement toward 150. This area must hold as it is the near-term line in the sand. If it does hold, we could still see higher prices in the next few months.
Do you have URC in your portfolio? Share your thoughts below!