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Lepedico Bullish Continuation

ASX:LPD   LEPIDICO FPO
LPD             chart has recently broken a solid consolidation pattern, surging 20% above the 6.3 support level to test remaining resistance at the 7.5c mark. After trading up to 7.9c the move has encountered resistance and fallen back to 7.0c on relatively low volume which has continued to drop into the retrace until flattening out at around the 50% retrace level. This has formed a minor flag with a target at 8.4c. This is a typical breakout consolidation, sellers appear to be dropping off signalling that the stock is ready to move north again.

Should this continuation play out then the next anticipated resistance will be encountered at 8.4c or up 19% with the larger Flag break target giving a 11.9c target representing an 89% move from the breakout point at 6.3c

All in all the bullish trend remains in control

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