The property sector appears to be taking the spotlight from everyone else. First it was Megaworld Corporation (kindly see my colleague’s post here) which took the bullish cue. Now, it is the Henry Sy-backed SM Development Corporation or SMDC in the Philippine Stock Exchange which is making the headlines!
The shares of SMDC had slipped backed to around PHP 7.00 on February after it reached a high of PHP 10.22 last September 2010. It then continued to consolidate within a cup and handle formation. On March 30, SMDC was able to move outside of the downtrend but was still left confined by the PHP 8.00 resistance. Earlier today, however, it finally made a bullish bullish reversal signal when it broke out from the cup and handle pattern.
Now, it could encounter some minor resistance at its present level. Though, its technical set-up still suggests that its minimum upside target of PHP 9.00 could be achieved in the near term.