June 5, 2012 / 9:07 AM / 5 years ago

MIDCAP-Philippine Filinvest looks set for more falls-technicals

* For a technical outlook: link.reuters.com/deb68s Shares of Filinvest Land, which are down nearly 10 percent over the past month, look set for a further fall, technicals suggest.

The stock's 20-day exponential moving average has cut below its 50-day exponential moving average, which suggests a bearish crossover.

It also has broken its support around 1.265 peso levels, a 38.2 percent Fibonacci retracement level from a rise of 0.980 peso to 1.44 pesos.

The Relative Strength Index (RSI) at its 14-day low is bearish.

The stock is down more than 3 percent over the last week, while the broader index is down 1.8 percent for the same period. (Reporting By Patturaja Murugaboopathy; Editing by Sunil Nair)

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