First Philippine Holdings Corporation’s (FPH) technical set-up looks very promising. A major upswing could be on the deck soon which could eventually push it to its consensus fair value of PHP 78.75.
In my entry last July 18, 2011 (please see my post here), I noted that FPH has a consensus fair value computation of about PHP 78.85 per share. And upon looking at its daily price movement since 2009, I noticed that it has been forming a huge inverted head and shoulders continuation pattern since September 2010. Now the pattern, if it is indeed one, looks almost complete. Hence, a breakout off of its neckline could send it to around PHP 80.00 as gauged by the height of the formation. Though given its size, I would consider a move to be a valid breakout only when it closes above PHP 65.00 at least 2 to 3 days. Still, some resistance could be met right near its present 3-year high at around PHP 70.00.
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