Good day my trader friends! Here’s a technical update on Semirara Mining Corporation or SCC. You see, after breaking free from the PHP 60.00 threshold back in April 2010, SCC has gone nowhere but up. In less than a year, it was able to reach past PHP 180.00, easily tripling it’s original value. In fact, it already marked a new all-time high at PHP 194.50 just yesterday. The question now is, will SCC continue its move towards uncharted territory? Or will traders see the previous high at PHP 193.00 as a resistance?
Since marking a peak on November 3, SCC has formed what appears to be a cup and handle pattern. A successful move, therefore, above PHP 193.00 could propel it by at least by another PHP 33.00. If you ask me, I’d say that it is likely for it to hit the said target given its overall trend (uptrend). Moreover, the gap, which I highlighted in the chart, has not been filled yet. Such can bee seen as a bullish signal for the stock. In case it fails to move up above PHP 193.00, the uptrend line is still there to keep it afloat. However, a break of the uptrend line could send it falling towards the support at PHP 160.00.