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The “B” shares of Lepanto Consolidated Mining Company has been the best performing stock for this year, returning a YTD gain of 123.91% as of July 6, 2011. And by the looks of it, it seems that LCB is still gunning for some more profit.

As you can see from its chart above, LCB has been consolidating within a symmetrical triangle since it peaked at PHP 1.13 last June 9. Now, LCB has a higher chance of making an upside breakout rather than a breakdown given its present uptrend. Moreover, a presence of a hidden bullish divergence (price marks higher lows and the RSI registers lower highs) suggests that LCB could indeed be poising itself for another run-up. If it does then the minimum upside target (gauged by projecting the height of the triangle from the point of possible breakout) would be around PHP 1.20. A breakdown from the triangle, on the other hand, could send LCB back to at least PHP 0.90.

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