Today seems to be a good day for these two stocks, as LC finally broke free from the neckline of the bullish inverted head and shoulders pattern at 0.395, while BEL smashing through the critical and psychological resistance level at 4.00, and LND establishing a new two-year high to close at 0.91.
After consolidating between a low of 0.32, and a high of 0.395 and in the process form an inverted head and shoulders pattern, with 0.395 serving as the neckline, LC has finally broken free from this bullish area pattern, confirming the reversal from the downtrend starting from the high of 0.66 last September.
And with this move, price target for LC is pegged at 0.47 within 3 months. Sell stop should be placed just below the 0.375 level, in case our expected price action fails to materialize.
BEL has also performed very strong earlier, closing at 4.30, after finally taking out the 4.00 resistance level, and holding ground above it. This signifies the resumption of its bullish 45 degree trend line since early November.
As expected and noted in my blog post yesterday, LND gapped up to open at 0.91, filling the gap at 0.87, and to finish strong to close at 0.91, with some bid orders left unmatched. From this point on, LND should trudge steadily higher, towards the 1.10 technical target. Sell stops can now be moved higher to just below the 0.87 level.
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