Universal Robina Corporation or URC, a publicly listed company in the Philippine Stock Exchange, has been performing well as its stock value increased. From my previous post I mentioned that it was creating an ascending triangle formation but not. As seen in the chart, URC is moving in a "range" bouncing off the support line (red diagonal line) couple of times . Despite the area pattern confusion from the previous post of this topic, it still achieved its minimum target price of 9.5. Click image to enlarge!
The stock value of Universal Robina Corporation or URC or even better known as the company who makes C2 green tea, jack and jill chippy, nips, magic flakes and many more is steadily rising after years of downfall. This company listed in the Philippines stock exchange has broken out from the ascending triangle formation (indicated by the red horizontal and diagonal lines) last May 8 as seen in the charts. After it broke out, it made a return move and bounced from its new support (red horizontal line) yesterday. Strategically trading the stock, I would enter it at its current price placing a stop-loss below 7.6 or once it goes below the support line (red horizontal line) with a target price of 9.5-9.8. Click image to enlarge!
