Semirara Mining Corporation (SCC) Breaks Down From Its Uptrend

Semirara Mining Corporation or SCC in the Philippine Stock Exchange was smoothly trending up and forming a possible bearish divergence when I mentioned it on my post last week (kindly check here). Unfortunately, the possible bearish divergence was indeed one as the stocks fell and the MACD failed to make a higher high. The divergence propelled the 9-month uptrend line to break as well. Now that the uptrend is broken, I'd personally stay away from Semirara Mining. Its stocks will most likely continue to drop in the coming days as it had just broken down from its trend. However, we could expect some buying pressure at its immediate significant support at PHP191.30 but I won't bother enter and anticipate a bounce at that level. I have to say this company is fundamentally sound but I'd just rather look for other stocks with better technicals. Anyway, if the stocks fall further below that level, the next support could be the PHP180.00 price mark. Furthermore, the next support after PHP180.00 is PHP160.00. If it heads back up, the immediate resistance could be the 9-month uptrend and then the PHP 217.00 all-time high.