Fil-Estate Land was one of the few bright spots during the local stock market session earlier today, breaking out from the symmetrical triangle that it has been consolidating inside since mid-September, to close at 0.81.
After breaking out from the symmetrical triangle, which was accompanied by very strong volume, LND might first retest the resistance at 0.87, which was the high last September 16, before moving higher on the back of a strong bullish momentum.
Measuring the triangle, LND now has a technical target between 1.10 to 1.15, which should be achievable within a span of 3 months. It should first, however, move above the immediate resistance at 0.87.
Stop-loss orders could be placed just below the 0.70 levels, in the event that this move turns out to be a flop.
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