Technically, Universal Robina Corporation or URC in the Philippine Stock Exchange recently broke down from its primary trend which is the 2-year uptrend along with a head and shoulders formation. If you notice the MACD made a bearish crossover below the 0 line as the break down took place. Based on the size of the head and shoulders pattern, our target price could be the PHP32.20 support. During URC’s 2-year ascent, the 200-day simple moving average (SMA) was respected pretty well. This means it acted as a very strong long term support. However, now that the 200-day SMA has been breached, it’s possible that URC could be at the beginning of its journey downwards.
At present, the stocks‘ immediate resistance could be the head and shoulders’ neckline. Then after that is the 2-month downtrend.
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