Company: SM Prime Holdings
Support: 38.50 / 37.30
Resistance: 40.00 / 40.40
SMPH was one of the few stocks that closed in the green yesterday, bucking the market bloodbath. While it reached an intra-day high of 39.80, it closed a bit lower at 39.50. The stock’s overall trend looks to be more positive than what we’re seeing across the board.
MACD signal lines are just about to turn into a buy. RSI is at a healthy buy sign at 60.44. However, DMIs are showing a slight selling bias, albeit with low momentum.
With volatility starting to simmer down, we do not expect a breakout anytime soon. However, it is likely that SMPH will sustain healthy consolidation between 38.00 to 40.00 for the next few days.
Trade the range.