First Philippine Holdings Corporation (FPH) may soon follow in the footsteps of EDC and FGEN. As you can see from its chart, the stock appears to have finally broken out of an ascending triangle pattern when it moved past the resistance of its recent consolidation at Php92.00. If FPH can sustain its move past Php92.00 then it may be able to move higher and reach for its minimum target of Php101.50. Note that the same break may also lead it to eventually reach its former high at Php110.00. Remember that FPH is also ‘cheaper’ proxy for EDC and FGEN.
*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
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