It Wasn't Hot After All

What happened to LIHC last week was a false breakout. After peaking at P10.50 last week, it decided to consolidate further within a symmetrical triangle. I thought we reached the apex of that formation last week? Well, here we are again as it approaches the apex of yet another triangle formation. Buy if it breaks above P10 with volume. Cut loss if this dips below P9.30 which is its current support. 50 day MA has just cross the 100 day MA. Bullish?

Some Like It Hot

While the PSE index is taking a beating, a number of 3rd liners have taken center stage over the last few trading days. Just look at ISM, PA, AJO, the GEMINI stocks to name a few. One stock I'm looking now is LIHC. After liquidating much of my holdings, I got tempted to buy some of this issue. A look at the chart shows that it broke from a symmetrial triangle formation. Although the breakout happened near its apex, it has been accompanied by a surge in volume when it closed yesterday at it's high of P9.80. Today, low is at P9.9 with a high of P10.50 and with a higher volume. I managed to snatch some at P9.90 and P10 before it closed at P10.25. MACD is still above zero and about to cross the signal line. Target price is at P15. I see resistance however around P11.25.

Let's see how this develops. Good luck to all holders.