It has been more than 3 years since Energy Development Corporation or EDC has been publicly listed in the Philippine Stock Exchange as seen in the chart on the left. EDC’s stock value had been climbing from its listing date until November of 2007 and declining during the whole year of 2008. 2009 was a different story as it bottomed out, breaking loose from its downtrend (indicated by the violet dotted line), bottomed out and now moving in an upward trading channel (indicated by the blue dotted parallel lines) up to present. In addition to that, we are also seeing an ascending triangle w/in the upward trading channel. Once the price successfully breaks out from the resistance at 5.3, we might be seeing the stock price of Energy Development Corp. hitting 5.9 pesos in short time.
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