Technical Note: $DD Double Dragon Properties, Inc as of 4 March 2016

$DD: The stock is breaking “all-time highs” after the last major breakout.
DD breakout
What is interesting in the stock despite the high P/E, is a strong sentiment on future growth earnings in the year 2020. Infact, last Friday, 4 March 2016, the stock was a net foreign buy of 17.24M. Top 3 buyers (not even selling a single share last Friday) are:  UBS = Php13.8M (ave of 29.42); BA = Php8.16M (ave of 29.66); Credit Suisse = Php5.72M (ave of 29.40)
Technically, there’s no doubt a trend follower who keeps this stock during the consolidation phase between July 2014 to March 24, 2015 at an average price of 7.5 would earn around 293% today. It was a difficult case if one is buying DD purely on fundamentals, especially reviewing this article on Double Dragon Properties Inc. The market is always right! (of course, realization is not 2 years after writing this article on DD. Please refer to my post in May 2014, DD: A BW Resources in the Making?) 😀 It takes a lot of patience, discipline, fully aware on trading psychology and identifying good risk to reward ratio including cut-loss point or profit taking on the trend reversal, in order to make money in the market. The stock market is tough and enjoyable journey.
A trend follower who wants to buy the stock is at the healthy pullback near support levels, if the closing price, which acted as resistance at 29.50 will not be taken out. Support levels are 29.40, 29.25 and 29.20. There is also a strong support at 29 based on actual traded prices. If it goes below 29, a strong retracement levels at 28.70 and 28.50 is also a good and strong support. I am mentioning this one since all indicators and trend signals are still bullish – short, mid and long term trends. 
Previous selling pressure may be retested at 29.70 & 29.80 once resistance at 29.50 is broken. Once the resistance levels are broken, there should be no target price if one is on trend following/position trading until this trend reverses.
DD as of 4 March

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