San Miguel Corporation (stock symbol: SMC) has gone up further since my March post and reached a high of 87. Since then, price has retreated and seem to have formed a minor support at 75 (4-month low).
Sellers have taken over SMC since late-June, and the support at 75 is just a stone’s throw away from this point. We have 80 as the near-term line in the sand, while 75 serves as the door towards 55-60.
The MACD Oscillator (MACD-O) has stayed below the zero level since early July. It could descend further with price.
Will San Miguel consolidate above 75 in the coming months? We’ll find out. More wood to chop until 100.
TP’s Advice: Monitor — be careful of this stock.
Do you have SMC in your portfolio? Share your thoughts below!