Monday, November 1, 2010

Stocks Of Filinvest Land Preparing To Climb Again?

Hello guys, welcome to another day of trading! Here’s an update on the stocks of Filinvest Land Inc. (FLI as its ticker symbol) which is one of the leading residential property developers in the Philippines. I posted on this last September 14 when it had been going up after breaking out from the 1-year symmetrical triangle formation (kindly see that post in this link). 
The stocks have now been consolidating for more than a month after the run. As it moves sideways, there is a possible mini-triangle formation setting up on the chart.  
We could expect this 2-month triangle to be bullish as it’s coming from an uptrend. If FLI is indeed bullish and breaks out from the triangle,
it could head up but would encounter some selling pressure at the 1.50 peso resistance. In case that gets breached, the next resistance it could aim for is 1.68 pesos. On the other hand, if the stocks breakdown from the pattern which is more unlikely to happen, the immediate support could be 1.31 pesos. If that marker fails to hold the price from further dropping, the next support could be the 19-month uptrend. Regardless, like I always say, as long as the uptrend remains intact, I’d stay bullish on this overall. Have a great day!

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