Another MSCI inclusion beneficiary is Lepanto Mining. LCB benefited the most since foreigners are able to trade it. I'm more looking into its local LC counterpart. Its currently knocking on its 3 month downtrend channel & volume slightly picking up. From a shorter point of view though, LC's still trading sideways with 1.40 acting as resistance. This needs to be taken out for it to trend up. Will only be trading this for now and will be a seller as close to 1.40 as possible.
After piercing thru 220 two days ago, SCC looked like it was about to trend up. Since then however, Macquarie and BDO just kept on selling. SCC touched 211 today which is its recent low. A stronger support however can be seen at 204 since its seems to bounce back every time its hit. It would be ideal if it can establish a higher low relative to 204 for it to have a better chance at breaking 220 on the next run.
PSE continues to respect the 4400 resistance as sellers outgunned buyers today. It may need to wind up some more to finally break it. What would be ideal is for our index to establish a higher low with respect to the recent 4,200 low it made along with a confluence of good global economic news. Have your ammunition ready for this!
Good luck with your trades as always!
All charts courtesy of citiseconline.
Disclaimer: My above analysis are just that: analysis. I am in not in anyway soliciting for you to buy or sell any security issue. The only person accountable for the trades you make would be yourself and I cannot be held liable in any way for the same.
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