SM weekly toppish

While PSEi had a failed inverse head and shoulders… what makes me more cautious of this market is that there is only one stock that is moving near its highs ($JFC). That’s a clear sign of market participants not confident of this market.

Now, I see SM (weekly) approaching a crucial support line. In the dailies, there is also a big gap down due to an overnight placement.

A break of its support line and confirmation of this toppish pattern may send the whole market to crash. So, please put SM in your watchlist.

2013-08-08-SM-w

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