Hello to the followers of Filinvest Land Inc.! As you can see, the stocks of this company have been making a good run since August and is making new highs for the 2-year time frame. Two months ago, it was still at 1 peso. Now, it’s at 1.44 pesos exceeding the 1.33 peso resistance which also is my target price as I mentioned on my last post (kindly click here). We have here a nice example of a classic triangle pattern that broke out and reached it’s target price by getting the size of the triangle’s base added to the breakout point. However, the pattern I’m seeing could be different for others. Well in fact, looking at the 2.5-year time-frame, you could actually see a reversal cup and handle formation. Anyway, I also posted on this when it was just about to break out from the triangle pattern (kindly click here) and been monitoring it since then. For the lucky ones who were able to buy at 1 peso, an easy 40% for you guys in less than 2 months. Definitely not bad!
So what’s next for the Filinvest stocks? In my technical perspective, the stocks could consolidate around the 1.44 peso resistance area before it makes another move but this isn’t really necessary. If it decides to ascend right away, it could encounter some selling pressure at the next resistance at 1.68 pesos. On the other hand, if the stock price declines, the immediate support could be 1.33 pesos. If it drops further below that marker, the next support could be 1.14 pesos.