The shares of Henry Sy- led SM Investments Corporation (SMIC) appear to be heading for a move north at least from a technical point of view. Let me explain this.
As you can see from the chart above, SM has recently made a bullish break away gap above its short term downtrend since the beginning of July 2011. Notice that this recent move was accompanied by a break of a resistance on its RSI covering the same period. You see, this combination breaks is one of the more solid signals from my previous observations. Given this, I believe that SM could continue to move higher. Though, it could see some selling at around Php 560.00. In any case a move above that could send it back towards Php 580.00 or even higher.
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