The price is now down on its open, volume is low. The daily chart has not put in a higher low yet, so LNC is not even at the first step of being out of its downtrend.
Moving out for a wider view, the chart is making a bearish expanding triangle. I would certainly not buy this just on the chart.
I'm holding some Linc and will not be selling. Nor buying more. The medium term prospect for Linc rests on the completion of the sale of Teresa, or some other cash generating move. About Teresa I'm hopeful, but not optimistic. The deal is now in the hands of a corrupt and ruthless government, and Linc's position is weak I think. Xinwen's foot is on Teresa without any money committed. Linc could not even give a time approximation for the Chinese government to approve Xinwen's offer. All they could say was:
" Further, the companies have agreed to an extension of the Heads of Agreement prior to the completion of AU$1.5 billion transaction whilst Xinwen obtain Chinese regulatory approval to enter into the formal contract."
LNC Price at posting:
$3.05 Sentiment: None Disclosure: Held
