SMB looks to be poising for another bullish runup, as it tries to take out the key 32.00 ascending triangle resistance. After consolidating within a volatile range of 20 and 32 for at least one month, SMB has finally made a bullish move to break free from this consolidation.
With the PSEi down by at least 2%, SMB managed to gain an impressive 8.4%, to close at 31.45, after retesting the 32.00 key resistance line. It would be interesting to know if SMB will breakout from the triangle, and continue consolidating within the range. If SMB manages to breakout from this level, technical target is at 46.00 level, within a one-month holding period.
As always, with every trades, always put stops. And in this case, the stop level should be placed below the 28.00 support level.
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