Our quick play on Filinvest Land, Inc. (FLI) that we shared in our Equity Advisor last April 21 turned out to be great as it reached our target of Php2.00 in just 2 days. The next target, however, for FLI can be determined if it can successfully breach its Php2.00 resistance. As you can see from its chart, it has been moving sideways within a rectangle pattern for almost 3 months now. If it can move and close above Php2.00 then it can reach for its new target of Php2.20. A failure to do so, on the other hand, may send it back to at least Php1.90.
Buy on breakout above Php2.00
Target at Php2.20
Cutloss at Php1.95
FLI write-up from the Trading Edge Equity Advisor:
April 21, 2013
Here’s quick play on Filinvest Land, Inc. (FLI). For several times now, FLI was not able to move above the Php2.00. During the last time that it approached that level, the same thing happened. It met a resistance at Php2.00 and then fell after. But as you can see, its uptrend support was able to keep it afloat and the buying activity around this level may send it back towards Php2.00. Moreover a move above that may send it even higher since at that time it would already breakout from an ascending triangle pattern. In any case, Php2.00 may be its initial target in the near term assuming it can stay above its uptrend support. A fall below the support, on the other hand, may pull it to at least Php1.80.
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