Today's chart & trading, page-2157

Another beautiful days for LYC to close 6c up or 2.36%.

As suggested in my post yesterday "Do expert a good day tomorrow as some short covering would increase the demands on the buy side." It was on cue with buyers (and short coverings) piling into the stock, generating 497% of the average volume in the 1st 30 minutes. 1.348M shares changed hand in that time with an average of 271K.

At 10:44AM, it made a high of 2.59, that gave rise to 3 "touch points" needed to plot an intraday uptrend (blue lines). Then the SP just respected this channel with the high of 2.61 at 2:45PM stopping exactly where it touched the upper channel. By 3PM the day traders started to sell and close their positions, bagging 2%+ profit and headed to the pub!

On the daily chart, the SP is in an ascending triangle with the purple channel providing support. The bulls and the bears are doing a tug of war trying to break above the 61.8% Fibonacci level.

Tomorrow and next week:

• Friday is generally a down day.
• LYC has bounced up from 2.20 or 18% in 19 days (nearly 3 trading weeks), do expect a bit of profit taking in the 4th week while the SP is consolidating inside the ascending triangle with a range of 2.55 - 2.63.
• The main trend is still up.

Happy trading but DYOR.