After months of stagnation between 7.30 and 6.20, PCOR finally broke out from the symmetrical triangle resistance at 7.35, and finish higher at 8.61. While the price target for the symmetrical triangle seems to have been reached already at 8.80, outlook for Petron still looks good, as it may consolidate and establish a flag formation, before going further up.
Immediate support for PCOR is at 7.90, which was the previous high from September 27, 2010, and any break below this level should be a signal to sell this stock, either to rake in profits or to cut any losses. Still, one can’t stop thinking that PCOR might have moved, because of the strong move of its affiliated companies, like SMB and SMC. News on these moves are of course brewing.
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