FDC Falling Wedge Target Hit
Last April 18, we mentioned in our Equity Advisor that Filinvest Development Corporation (FDC) may finally move higher and reach a target of Php6.50 when it broke out from a falling wedge pattern. The breakout was very easy to catch since the move was accompanied by a spike in volume. 2 days after it freed itself from the falling wedge, it indeed reached its target of Php6.50. 🙂
FDC write-up from the Trading Edge Equity Advisor:
April 18, 2013
Filinvest Development Corporation (FDC) broke out today from a falling wedge pattern. Last March 31, we noted in our Equity Advisor that this stock was already nearing that possibility. In any case, the likelihood that it will resume its upward movement soon is higher since today’s breakout is accompanied by a spike in volume and a positive turn in its MACD. FDC then may soon reach its former high at Php6.30 before eventually going for the wedge’s target of Php6.50. But a fall back inside the wedge may totally invalidate the trade. By the way, FDC previously broke out from a bigger continuation cup and handle pattern last February 4. The target from that breakout set at Php6.70.
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