LR Target Hit
Leisure & Resorts World Corp. (LR)’s price set-up for the last several months was a masterpiece. This prompted us to feature it in our Equity Advisor last April 17. It was on this date when it broke above the critical Php8.50 level. This move was more valid as it was accompanied by a breakout by its RSI from an inverted head and shoulders as well. Anyway, LR easily reached our target of Php9.30 following its move above Php8.50. It did so in just 4 days. 🙂
LR write-up from the Trading Edge Equity Advisor:
April 17, 2013
The price action of Leisure & Resorts World Corp. (LR) today may be significant as it broke above both its horizontal resistance at Php8.50 (previous support) and its short term downtrend line. But what’s interesting is that its RSI also broke out from an inverted head and shoulders pattern. This scenario is rare and when it happens it usually means that the possibility of it moving up is a notch higher than normal. In any case, LR could finally rally back towards Php9.00 or even reach for its previous high at around Php9.30. However, a fall back below Php8.50 may send it back down towards Php8.00.
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