chart, page-37

Jim, as a short term trader & reading pattern. LYC had to drop after the Head & Shoulder pattern of last year (see daily chart). As for the downtrend at present it's holding it's own with this side ways trading that has offered 4 very nice swings in the past 7 months. On a purely technical basis the chart is still very nice with the price very close to a major support level. Indicators showing oversold conditions. It had two false breaks out of the triangle. That's why at present I'm just looking for that confirmation to either offer me a position Long or Short.

The weekly & monthly paint a some what slightly more negative picture. The indicators again in oversold, With decreasing price on falling volume. But the MA’s are about to cross. Looking at the crossover of the MA’s in 2008 it had a drop and subsequent retrace to higher highs quite quickly. So as a long term holder and a believer in the company perhaps these signals don’t mean as much as they do a short term trader. For me the 50 + 100 will give a more definitive signal on confirmation over the next couple of weeks for the mid to long term movement.

So short term need to see that 1.025 holding for a position on confirmation (38.20% Fib). Mid to long term it hinges on the major support at 0.885 (50.00% Fib) holding. That also fits in with the broadening pattern. So if that support held I could see this reaching the highs of the past and making higher highs very easily. LYC is a great trader stock that adheres to TA very closely. As you can see with the Fibs & Speed lines etc. Anyway no matter your trading strategy or style, this security has something to offer everybody.

All the best with your holdings.