On a lethargic market session earlier today, San Miguel-related stocks once again took center stage, as SMC, PCOR, and SMB all posted significant gains with 5.5%, 6.1%, and 2.8% respectively.
SMC finally resumed its bullish momentum, after dipping near its breakout point at 125.00, proving that conservative breakout traders, those that buys when price dips near the breakout point chronicled on this post, can also have fun and join the ride.
PCOR on the other hand, looks to have broken out from what appears to be a pennant formation, with a potential price target of 18.50, based on the pole established during the last part of November. PCOR also looks to finally overcome the 13.00 level, which has eluded its price action last December 1. Stops could be placed around the 11.00 levels, in the event that our expected price action failed to materialize.
Meanwhile, SMB continues to trade very volatile, but still managed to close at 29.50, possibly moving sympathetically with SMC and PCOR.
Tomorrow, lets find out if San Miguel can outdo its bullish party hosted during the latter part of November.
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