Today’s move in the ‘A’ shares of Lepanto Consolidated Mining Company (LC) may be a start of better things to come. As you can see, the stock has recently broken above the resistance at its previous support at Php0.40. More importantly, today’s break is also a break out from a bullish cup and handle or a rounding bottom pattern. Hence, LC may aim for a minimum target of Php0.50 if it can stay above Php0.40. On the other hand, a fall below Php0.40 may bring it down to at least Php0.30.
Remember that today’s rise in LC also marks its achievement on the initial target price which we noted in our January 3, 2014 issue of our Equity Advisor. Since January 3, the stock has already risen by 13.89%.
For those who are interested in technical analysis or learning how to profit using charts, we have an upcoming Technical Analysis Course on February 22 – 23, 2014. For more information, you may send us a direct message here or text/call (+63) 917 899 90 09.