Hello there! Here’s an update of my technical analysis on Filinvest Land, Inc. (FLI in the Philippine Stock Exchange) that I posted two weeks ago (kindly check here). The last time I posted about FLI stocks, they were still trying to breakout from the triangle formation by consolidating and going in and out of the resistance level. Fortunately, they were able to fully breakout and made a 2-year high of 1.18 pesos. Once the 1.18 peso price mark gets cleared out, the next resistance that could be aimed for is 1.33 pesos which is the base of the triangle added up to the breakout point (red circle). However, the stocks went back down and found some support at 1.04 pesos. If the stocks breach below the 1.04 peso marker, the next support could be the 1-peso psychological area.
Word on the street, Filinvest Land Inc. launched five new projects to meet the demands for residential properties. At the same time, they bagged a good 2nd quarter 2010 net income of 31 percent or 998 million pesos compared to 759 million pesos during the same period last year. This in turn propelled their stocks to rise 2.8% to 1.10 pesos during the trading session earlier.