Wednesday, November 14, 2007

LC - gap up and confirms bullish engulfing

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LC = 0.48 (17.1%)

LC formed a gap up white candle with significant volume. Bullish!

LC confirms formation of bullish engulfing pattern by achieving higher high and higher low thru a gap up.

Support: 0.43-0.42
Resistance: 0.48 (hopefully LC would be able to break this recent high tomorrow)

Good luck to all LC traders!

Lepanto says HK-listed Zijiin eyeing stake in gold-copper project (from Citiseconline and Technistock)

The Philippines' Lepanto Consolidated Mining Co said Thursday Hong Kong-listed Zijin Mining Group Co Ltd is proposing to acquire a 20 percent stake in a Lepanto-led gold and copper mining project for 70 M US dollars. Lepanto told the Philippine Stock Exchange that it and Zijin have executed a memorandum of understanding in relation to the proposed acquisition of a stake in Far Southeast Gold Resources Inc. Lepanto owns 60 percent of Far Southeast Gold, which is involved in the Mankayan gold and copper mining in the northern Philippine province of Benguet. "It is the intention of both parties to move towards the immediate development and operation of the Far Southeast Project," Lepanto said. Zijin is one of the biggest gold producers in China. Earlier Thursday, Lepanto requested the stock exchange for a trading halt it its shares pending a material announcement. The suspension will be lifted Friday. Lepanto's A shares, which are limited to local investors, last traded at 34 centavos. Its B shares were last quoted at 37 centavos. Lepanto, which has a market capitalization of 5.7 B pesos, is one of the 29 constituents of the Philippine composite index.

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