Roberto Ongpin-chaired ISM Communications Corporation or simply ISM in the Philippine Stock Exchange made the headline yesterday when it announced its take over of the Philippine Bank of Communication (PBComm). ISM effectively bought a chunk totaling to 97.28% of the bank's entire outstanding capital.
The shares of ISM rose by 17.49% to PHP 4.50 immediately when the news of the take-over hit the airwaves. From a technical standpoint, it seems that there is still a lot of room for ISM to move higher. As you can see from its daily chart above, yesterday's price action caused it to finally break free from an inverted head and shoulders pattern. Having already escaped its downtrend line/s, the ‘breakout', which was accompanied by a surge in volume, could be sustained especially if ISM is able to keep its head above PHP 4.50 in the next 2 to 3 days. If it does then a minimum upside target (gauged by projecting the height of the formation from the point of breakout) of PHP 6.00, could be hit. On the flip side, a fall below the pattern's neckine could send it down back to PHP 4.00.
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