Andrew Tan-led Global-Estate Resorts, Inc. (GERI), formerly known as Fil-Estate Land, was spotted on the traders’ radar in last Friday’s trading when it closed with a 7.18% gain on a high PHP 410,832,700 value turnover.
The company’s disclosure that it would set a PHP 20 billion expenditure program in the next five years to roll out projects in Tagaytay and Boracay spurred a lot of buying interest in the company as evidenced by the spike in trading volume on the day. And from a technical point of view, it seems that GERI could be up for some more move upstairs. As you can see from its chart, GERI has gapped up and consequently has broken its short term downtrend line. It’s RSI resistance over the same period has likewise been breached. Given these two technical buy signals plus the jump in volume suggest that GERI could reach or even exceed its present all-time high at PHP 2.46 per share.