Wednesday, January 02, 2013

LPI has a bullish breakout

LPI broke above its strong horizontal resistance at RM14.00 on December 19 as well as its recent high of RM14.38 (recorded on October 30). With this breakout, the stock is likely to continue to its uptrend. Potential target is RM16.50.

Based on technical consideration, LPI could be a good trading BUY. This supercedes my previous recommendation to take profit on the stock. (Note: the stock is now trading at RM14.70).

Chart 1: LPI's daily chart as at Dec 28, 2012 (Source: Tradesignum)

Chart 2: LPI's monthly chart as at Dec 28, 2012 (Source: Tradesignum)

In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, LPI.

No comments: