It’s the Book Of Eli Part 2 (part 1)! Couple of weeks back, my esteemed colleague noted that Empire East Land Holdings, Inc. could be on the brink of an upside swing (see his post here). And guess what?! It seems that he’s right after all!
To get the story short, Andrew Tan’s ELI has finally snapped out of a 5-month consolidation when it broke out from a symmetrical triangle pattern last Friday (July 15, 2011). the breakout was also accompanied by a huge spike in volume which amounted to 268,439,870.00 Philippine Peso (PHP) in daily turnover, suggesting that its move north could be sustained. Moreover, the MACD is also showing a buy signal (highlighted in the small green triangle), further validating the possibility that it could indeed aim high. Hence, if buying interest remains the by projecting the height of the big triangle, its possible for ELI to reach the PHP 1.00 marker. Though, some resistance at maybe PHP 0.90 could still be met on the way.