![\"fil-estate](\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2010\/12\/122710lnd.png\")
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It was a jolly Christmas indeed for the holders of Fil-Estate Land or LND in the Philippine Stock Exchange as its shares zoomed from PHP 1.03 to close 26.09% higher at PHP 1.16 last December 23. News that Alliance Global Group, Inc. (AGI), the holding firm which also owns Megaworld Corporation, is buying 5 billion additional shares at PHP 5 billion in cash sent the LND soaring through the roof. This transaction would increase AGI’s stake in Fil-Estate to 60%. In a report disclosed in the PSE, AGI said that such move is in line with the company’s strategy of investing in tourism projects outside of Metro Manila. Apparently, the company had already disclosed that it will spend about PHP 7 billion in new-tourism developments earlier this month.<\/p>\n
Technically, the shares of Fil-Estate appear to have broken out from a cup and handle pattern a couple of days before the new of AGI’s purchase hit the airwaves. But as soon as AGI’s buy-in was served, LND’s stock jumped and even made a bullish gap in the process. So gauging by the height of the cup and handle pattern and projecting it from the point of breakout, it looks like LND’s minimum upside target has already been achieved. But given the recent bullish break away gap, there could still be a lot of room for the LND shares to go higher. Remember that AGI is buying LND’s shares at PHP 1.00 per share so this price level could be seen as a support.<\/p>\n