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 

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION "B") 7-5-2009

SMCB has broken out 2 weeks ago but due to poor market conditions it started declining, shying away from rising and going back inside its breakout point. Click image to enlarge!

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION "B") 6-27-2009

It has been a good run for San Miguel Corporation "B", publicly listed in the Philippine Stock Exchange, since March of 2009 but this week looked even better. Shown in the image, the stock chart of San Miguel, broke out from a double bottom formation (indicated by the 2 red arcs) a few days ago. I set my minium target price at 70-80 pesos per share. Click image to enlarge!

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION "B") 9-25-2008

The initial target for SMCB based on my technical analysis has been achieved but it never means that its price is not going up anymore in the short term. Click image to enlarge!

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION "B") 9-9-2008

SMCB has broken out of its resistance. Click image to enlarge!

PHILIPPINE STOCKS: SMCB (SAN MIGUEL CORPORATION "B") 9-5-2008

Despite the huge 344 point (2.99%) drop in the US market last night, there are still a chosen few that went up today and that's SMCB. Looking at SMCB's 20 year chart in the first picture, it can be seen that it's consolidating around it's major support at present. However, can it be said that it's already bottoming and about to bounce up or is it still going down? That we don't know but if we look at the shorter timeframe of SMCB's chart below the first one, a rectangle can be spotted right away as indicated by the 2 red horizontal lines. The price is consolidating around the resistance (topmost red horizontal line) of the rectangle as of the moment and is possibly trying to breakout from its area pattern (rectangle). An ideal entry for this is when the price pierces thru its resistance line. And if it does, the immediate target price would be 57.5 if everything goes well. Click image to enlarge!