Superpaddy - if you have a look at when we broke through major support a touch above $1.60 back on 14th September last year, we backtested support 2 days later then opened the following day at the closing price of our backtest day, then went straight down and hit the same low as the day that broke through support. Then from support of somewhere just above $1.60 to the low of 85.7c we hit 9 trading days later, that's a drop of almost 50%, so not hard to imagine history repeating from support of 85.7c to 45c (mentioned as a significant support level by 5Shareholder in this thread), which is a drop of almost 50%. Also putting it into context of a basket price that has been falling constantly for the better part of a year from over $200/kg to $55/kg which puts the viability of Lynas' business model into question. Anyway, not down-ramping, I'll just trade it according to volumes, spreads etc, but it's a little scary don't you think?
LYC Price at posting:
83.0¢ Sentiment: None Disclosure: Held
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