Philippine Stocks: FLI (Filinvest Land, Inc.) – June 17, 2010

The stock chart of Filinvest Land, Inc. or FLI in the Philippine stock exchange could be setting up a triangle formation after a year of moving sideways. In case youdo not know, Filinvest Land, Inc. is one of the leading residential poreperty developers in the Philippines. I also have several big developments in and around Asia. Anyway, I haven’t heard much news about this company but it looks to me that its stock chart could be telling a story. As you can see, the stocks has been consolidating withing an ascending triangle pattern. Once its shares move past the triangle’s resistance with heavy volume or past the 1.00-1.10 PHP mark, the 1.33 level could be hit. However, it could experience some heavy selling pressure at the psychological 1-peso mark. Hence, hurdling this mark would likely define its near term stand. If FLI fails to move upward and declines,it could slide back to the triangle’s support which is around the 0.80 peso area. If that still doesn’t hold, the 0.70 peso support probably would. But since the trinagle is coming off an uptrend, I’d say that it has a higher chance of breaking to the upside than down.