Last March 22, we noted in our newsletter that Filinvest Land, Inc. (FLI) may fly back after it fell from Php2.00 to Php1.80. A nice long-legged doji (cross) that can be found at its Php1.80 support gave us the signal that FLI may indeed resume its uptrend. In just 4 days after falling down to Php1.80, FLI indeed rebounds and achieves our initial target of Php2.00. 🙂
FLI write-up from the Trading Edge Equity Advisor:
March 22, 2013
Filinvest Land, Inc. (FLI) suffered a big dent during the past week as it dipped from around Php2.00 to Php1.80. Buying interest, however, at Php1.80 may push FLI towards Php1.90 or even back to Php2.00. Notice that FLI drew a rather noticeable doji cross that has long shadows yesterday. This signifies a sudden inflow of buyers despite the initial sell off in the stock, indicating that the stock may soon stage a rally. Furthermore, where FLI landed after its correction coincidentally lands right at the 38.2% Fibonacci retracement level of its recent uptrend. This further strengthens the possibility of a run-up in the very near term. If the support at Php1.80 holds then FLI may revisit Php2.00. If it does not hold then it may fall down to Php1.60.
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