In just seven trading days, FPH (First Philippine Holdings) had gone up from 53 pesos per share to its current value of 58 pesos, that’s almost 10%. During my last post about this stock, it had just broken out from the 3-month resistance. Now, it currently stands on the 2-year resistance line (green dotted horizontal line) at 58 pesos. Will FPH breakout from the resistance line or will it just bounce back down? If it breaks above 58 pesos, a higher probability of a big move can happen.
My Ideal Entry: Upon Breakout/when price goes above the current resistance line (green dotted horizontal line). Around 58.5-60 pesos
My Ideal Stop Loss: Upon Breakdown/when price goes below the support line (violet dotted diagonal line)
My Ideal Target Price: The next resistance line (yellow dotted horizontal line) which is 73 pesos
Reason for Trade: A breakout from the current resistance line (green horizontal line dotted line)