Thursday, June 3, 2010

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION “B”) – June 3, 2010

It was exactly the same month last year when I posted the San Miguel Corporation “B” breakout (click here to see the original post from psepicks). After breaking out from the neckline of a double bottom formation (indicated by the 2 red arcs) last June 16, 2009, we can now see that the SMCB has successfully reached my 75.00 peso minimum target price. Currently, the San Miguel “B” stock is still moving within an ascending channel. Now given its present ascent, it should continue to move higher though it could encounter some selling pressure at 80.00. The good thing is, it could propel itself to 90.00 if and when it successfully clears 80.00. However, it could just trade in a range bound fashion if it fails to move past the mentioned level before swinging to either direction 

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