Sinophil Corporation or SINO in the Philippine Stock Exchange discretely went up today by 3.75% to PHP0.415 when most of the action were in the mining companies such as Manila Mining Corporation (MA), Philex Mining Corporation (PX) and Oriental Peninsula Resources Group, Inc (ORE). Personally, I didn’t notice SINO’s movement until the stock market closed and right now I’m considering this to breakout next as it constantly ascends.
If you notice my post on Manila Mining yesterday (link), there was a symmetrical triangle looking consolidation that was about to breakout and it did out today. SINO’s pattern looks similar. The symmetrical triangle forming so far is being confirmed by the downward sloping resistance that connects the price’s highs met by an upward sloping support that connects the lows with the diminishing volume. If the price breaks above the triangle’s resistance, we could set our target to PHP0.64 which I got by adding the height of the triangle pattern to the possible breakout point. However, there could be some selling pressure along the way at the PHP0.465 and PHP0.51 resistances. On the flip side, if this pattern fails, the immediate support could be the 2-year uptrend. If that further breaks, the next stronghold could be the triangle’s support. Let’s see what happens to this in the coming days.