Fil-Estate Land (GERI) hit the stock market headlines once again yesterday when it surged by 9.63% from opening of PHP 2.23 to a closing of PHP 2.39. Now, a lot of you might be asking if there is still some more upside on this issue. remember that back in December 23, 2010, LND was just trading at around PHP 1.03. So given its price action from that time to present, I would say that yes, LND could still move higher. As you can see from its chart above, it just broke out again from a symmetrical triangle. This breakout could be considered valid given the amount of volume the move had. By projecting the height of the symmetrical triangle from the point of breakout, LND could head towards the PHP 2.90 level. It’s uptrend from December is well intact, therefore, any dip in the prices as long as it is above or along the uptrend could be taken as a buying opportunity.
Over the longer horizon, you can see that LND for the most of the decade was just trading within a trading range or a rectangle or a box before it broke out last December. The breakout from the trading range gives us the same upside of PHP 2.90, more or less. As you can notice, the recent upward movement that it is doing has been consistently supported by amount of participation. And as long as buying interest remains, the chances of it reaching its upside target is pretty good.