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The Lopez family-led First Philippine Holdings (FPH), much like its subsidiary First Gen Corporation (FGEN), is also poised for a move north at least from a technical perspective.<\/p>\n
The price canvas of FPH is one of the few to be tagged as a “technical masterpiece.” After trading in a downward slope for the first 2 months of 2011, FPH eventually bottomed out into a symmetrical triangle pattern. It was then able to escape from this coil on March 30 when the bulls finally got the better of the bears. FPH’s breakout on this day was even more pronounced given the bullish breakaway gap. From then on, FPH sprung all the way to a high of PHP 62.6 from PHP 55.00 in just seven trading days before consolidating again into a pennant pattern.<\/p>\n
Last Wednesday (April 20), FPH broke out from this pennant pattern. What got me more excited was when I noticed that it also broke out from a coinciding cup and handle formation. You see, since the start of February, FPH has been forming a cup and handle pattern with the symmetrical triangle that I mentioned before as the bottom of the cup and the pennant as its handle. So given the recent breakout and assuming that FPH will be able to hold its head above PHP 62.00, it could aim for just above PHP 69.00 based on the height of the pennant’s pole alone. <\/p>\n