The Return of Lepanto?
2012 proved to be a very disappointing year for Lepanto Consolidated Mining (LC) as it shares slid from just below Php1.80 in January 2012 to a low of Php0.86 in December. Ouch! The good news is luck may be back on its favor to start the new year. After falling below the Php1.10 support, LC went on to establish the said low before rallying back towards the Php1.10 level. In the process of doing so, it managed to form a cup and handle pattern in which it recently broke out of today. As it escaped from the pattern’s neckline at Php1.10, it also broke free from its 1-year downtrend line. Given this and assuming it will be able to stay above Php1.10 in the interim, it may advance towards a minimum target of Php1.35. Otherwise, a fall back below Php1.10 may send it back down towards Php1.00.
