Holcim Philippines, Inc. or HLCM in the Philippine Stock Exchange is in the business of producing cement and concrete. Last Friday, the company’s shares popped out of the radar when it unexpectedly rose by 10.62%.
HLCM was one of the best performing stocks in 2010. It opened the year 2010 at only PHP 4.75 and reached a high of PHP 16.26 in December. After peaking at the said high, HLCM gradually fell until it marked a low of PHP 10.04 this February 28, 2011. It then consolidated within a symmetrical triangle before it broke out from the triangle and its 4-month downtrend line last Friday.
Friday’s breakout appears to be valid given the volume behind it. Notice also that both MACD and RSI are indicating that it could be starting to gain an upward momentum. Should buying interest remains, HLCM could aim for its initial target at PHP 14.00. A move past that could then send it back to around PHP 16.00.
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