Friday, May 8, 2009

PHILIPPINE STOCKS: LC (LEPANTO CONSOLIDATED MINING COMPANY "A") 5-8-2009


Three current images of LC charts are shown. First chart dates back from the 1980's, the next is its 4 year chart and the last is a view of a 1 year timeframe. Looking at the bigger picture as seen in the first image, the current price level of LC is almost the same as the 1980's. It has gone way up and back to where it all started passing thru numerous ups and downs. This was made possible by the terrible financial market conditions. In the second image, the resistance line (green dotted diagonal line) of the downtrend has been broken (price passing through the resistance line) as the price of the stock goes sideways. The last image shows clearly that LC had hopefully reached the bottom from its year of decline as it breaks out from a reversal pattern, the reverse head and shoulders (3 arcs: The head is the biggest red arc and the shoulders are the arcs beside it ). The breakout occured during the Friday session when the price passed through the necline (red horizontal line) despite the US market's decline the night before. I place my minimum target price at 0.13. Click image to enlarge! 

1 comment:

van wilder said...

Good pick Al! I think this will just fly! high gains for May 8 with high volume! nice...