Globe Telecom moved out of its 1-year downward resistance (green dotted line) early March of 2009 and went sideways. While consolidating sideways, it made an ascending triangle (as indicated by the 2 red horizontal lines) formation. Globe currently broke out from the ascending triangle in the latest market session by closing at 900 pesos per share passing thru the 875 resistance line (topmost red horizontal line) of the said area pattern. Well, I'm no fundamentalist here but I can back it up by fundamentals haha. You guys know the "Globe Duo"? Globe Duo's sales are probably high and has lured and still luring many people to avail it. This may be a cause for the increase of Globe Telecom's stock value. I'll set my target price for this at 980. It's uncertain to say that it will definitely reach my target price because there are chances it won't but if you ask me, I'll bet on the upside. Click image to enlarge!
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