Sunday, August 1, 2010

Philippine Stock Pick: Filinvest Land Inc. - August 1, 2010

Hi guys, here's an update of Filinvest Land Inc. (FLI) which is my stock pick in the Philippine Stock Exchange. They are also one of the leading residential property developers in the Philippines. Anyway, last June, FLI was still setting up the symmetrical triangle formation in its stock chart (kindly check here for my post about it). Last Wednesday, the stock price tried to break out from the triangle with a 8.2% gain but went back inside two trading days after (indicated by the red circle). If it manages to fully break above the triangle's resistance and head northbound, some selling pressure could be encountered at the 1.08-1.10 level. If that gets cleared out, 1.33 pesos could be the next resistance. On the downside, if the stocks of Filinvest Land Inc. would just continue to consolidate inside the triangle, the immediate support could be 0.95 pesos. If the price further drops below the 0.95 peso marker, the next support could be 0.86 pesos.

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