Hot shot Lepanto Consolidated Mining Corporation or LC in the Philippine Stock Exchange looks like it’s going to hit the PHP 1.00 mark soon.
LC has a stronghold for the best performing stock of the year with a year-to-date return of more than 97% so far. And based on its chart, it seems like it’s going to pocket some more gains. As you can see, LC has been consolidating within an ascending triangle. During this phase, a lot of buying occurred as evidenced by the increase in volume. At the moment, LC is experiencing some resistance at PHP 0.90. A successful breach, however, of this level, accompanied by a surge in volume would more likely send it PHP 1.00. In my opinion, a breakout is bound to happen soon so keep your eyes on this baby.
Hi Ron, any new chart reading on LC? Thanks.
Hi what’s your Elliot Wave reading on LC? Is it now on it’s last leg of its 3rd wave run up? A lot are expecting for a nice correction (4th wave?), hope it will come soon…thanks!
Hi. The recent down days of LC could be the start of wave 4. However, this might be short lived because of the market’s general interest in this stock. A shallow correction could likely happen instead of a deep one.