LND – Bullish Swing Continues, Breaks Out From Pennant Formation and New 2.5 Year High

After a major news event for LND, with AGI becoming a major investor, LND has resumed its bullish momentum, after consolidating between 1.51 and 1.27 during the last two weeks. Breaking out from the 1.51 resistance of what appears to be a pennant continuation pattern, LND seeks to target the 2.10 target, when measuring the pole of the pennant.

Last December 9, 2010, LND broke free from a symmetrical triangle formation, before breaking out from what apparently is a two-year cup and handle formation at 0.87. And now, LND also has surpassed the last peak established at 1.48 in 2007, signifying that most of the ipits all these times are now gone, or are now unwilling to sell.

Stops should be placed just below the 1.38 levels. Enjoy the ride!

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Day of Breakouts – LC from Inverted Head and Shoulders, BEL from 4.00, LND from 0.87

Today seems to be a good day for these two stocks, as LC finally broke free from the neckline of the bullish inverted head and shoulders pattern at 0.395, while BEL smashing through the critical and psychological resistance level at 4.00, and LND establishing a new two-year high to close at 0.91.

After consolidating between a low of 0.32, and a high of 0.395 and in the process form an inverted head and shoulders pattern, with 0.395 serving as the neckline, LC has finally broken free from this bullish area pattern, confirming the reversal from the downtrend starting from the high of 0.66 last September.

And with this move, price target for LC is pegged at 0.47 within 3 months. Sell stop should be placed just below the 0.375 level, in case our expected price action fails to materialize.

BEL has also performed very strong earlier, closing at 4.30, after finally taking out the 4.00 resistance level, and holding ground above it. This signifies the resumption of its bullish 45 degree trend line since early November.

As expected and noted in my blog post yesterday, LND gapped up to open at 0.91, filling the gap at 0.87, and to finish strong to close at 0.91, with some bid orders left unmatched. From this point on, LND should trudge steadily higher, towards the 1.10 technical target. Sell stops can now be moved higher to just below the 0.87 level.

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Breakout Watch – LND @ 0.87, PX @ 15.00

LND

With a strong move by LND to close at 0.87 earlier today, Fil-Estate Land now looks poised to take out the key resistance level at 0.87, which it has failed to breach since the September 16, 2010. Closing at its day high, and finishing the runoff period with heavy volume on the bid side, barring any major geo-political events, this looks certain to gap up on tomorrow's trading.

After breaking out from the symmetrical triangle last December 9, price has since retraced the previous triangle resistance line, before finally making the strong move today. The three-month technical target at 1.10 remains intact.

PX

After breaking out last December 6, 2010 from a flag formation, or descending triangle formation, PX was unable to breach the 15.00 level quite convincingly, and has since just hovered below this level. Earlier today, PX attempted once again in vain, to take the 15.00 level for good. While it did manage to move higher at 15.04, price action was again repulsed at this level, sending PX lower to close at 14.84.

If PX does indeed manage to breach, and hold the 15.00 level, immediate target for PX will be at 16.00, 17.00, and the grand daddy of all resistances for PX, the 20.00 barrier. However, if PX failed to take out 15.00, then PX may have to retest the 13.00 support level.

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LND – Breakout From Symmetrical Triangle

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.  

Pinoy Stock Trader