Surfed Lopez Holdings (LPZ) For A Quick 14.7% Gain
In our Equity Advisor issue last March 10, we noted that Lopez Holdings Corporation (LPZ) would start to surf higher and aim for a minimum target of Php6.85 to Php7.00. Exactly 3 weeks since its breakout from an interim bullish reversal that resembles a cup and handle, one can see that the stock has indeed achieved the mentioned goal. Moving forward, the stock may consolidate and even soften a bit as it faces a resistance at a downtrend line that connects its May 2015 and November 2015 peaks. An overbought RSI score also suggests a temporary pause in the stock’s climb. Still, a possible break above Php7.00 may launch the stock towards its next resistance at Php7.82. Note that an ability to hold near the Php7.00 score, despite the ongoing profit taking actions around the area, positions it for a possible break later on. A successful move beyond Php7.00 will lead and validate its next leg towards its second upside target.
LPZ write-up from the Trading Edge Equity Advisor:
March 10, 2016
We are reiterating our technical buy call on Lopez Holdings Corporation (LPZ). Since its January low, the stock has developed into and has likewise escaped from a bullish reversal pattern that is characterized by an establishment of higher low bases against a general downtrend. Its rise over its interim peak of Php5.63 will therefore allow it to pivot higher and aim for its next notable resistance at Php6.85 to Php7.00 area.
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