Stock in Focus: Filinvest Land (FLI)

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The mini-consolidation seen in Filinvest Land (stock symbol: FLI) during the previous (January 17) post has been broken since. Price slowly charged higher and eventually made a marginal new multi-month high just off of the 1.70-1.75 range resistance area.

Philippine Stock Exchange, Filinvest Land_FLI Daily chart, June 25, 2014

FLI Daily chart, June 25, 2014

The support around 1.60 has been quite solid — bulls have done a remarkable job defending the area since mid-April. If 1.60 breaks, there is additional support at 1.40 and then 1.20. Up ahead, potential resistance lies around 1.80-2.00.

The MACD Oscillator (MACDO) has remained below the zero line despite the bullish defense of the 1.60 level.

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