Marcventures Holdings, Inc. or MARC in the Philippine Stock Exchange finally sprung to life after more than a year of consolidation. Its handsome 16.7% gain today with a value turnover of PHP21,577,620 along with the MACD’s bullish crossover propelled the complex inverted head and shoulders breakout and close at a high of PHP2.51. By the way, the price has been hovering above its 50, 100 and 200-day moving averages for a month now which hints the start of an uptrend. Also, buying pressure could continue in the coming days since it just broke out. Anyway, based on the height of the inverted head and shoulders formation, our minimum target price could be PHP3.05. However, along the way, some selling pressure could experienced at the PHP2.65 resistance. In any case the stocks start to drop, our immediate support could be the 2-month uptrend.
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