Vulcan Industrial & Mining (VUL) erupted last April 17 following the announcement of the company of the subscription of National Book Store, Inc. We immediately noted in our Equity Advisor during the say day that that move caused VUL to breakout from an inverted head and shoulders. A spike in volume during its breakout also made the move more valid. In any case, we noted that VUL may soon hit a target of at least Php2.10 soon. Indeed, VUL reached the said target and even surpassed its previous high of Php2.20 in just a couple of days. 🙂
VUL write-up from the Trading Edge Equity Advisor:
April 17, 2013
Vulcan Industrial & Mining (VUL) exploded like a volcano today when it erupted with a 14.63% rise. In the process, it broke out from an inverted head and shoulders pattern. The breakout is technically more valid given the spike in volume that accompanied the move. In any case, VUL may aim for a target of at least Php2.10 assuming it stays above the pattern’s neckline. However, given its quick ascent and the position of our stop loss below Php1.75, we would be better off buying on dips as this would enhance the trade’s risk-reward ratio.
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