Today's chart & trading, page-2198

First thing first, my apology in less than obvious yesterday saying "closing at a new low of 2.64. This is a negative". The whole paragraph was talking about intraday SP actions. Next time, I would say "intraday low". Thanks for pointing it out @ausheds

LYC suffered a loss of 11c or -4.17% closing 2.53.

Following a very negative lead from the US market again, it gapped down to 2.60 on open and continued losing ground to hit 2.54 at 12:35PM. At 1:46PM, the day traders rushed to close their positions and pocketed 6c (2.3%) for 4 hrs of work! The last 2 days' slide was a combination of investors wanted to cash out and stay on the side line, and others wanted to lock in their 10-15% profit from the August low of 2.20. The SP continued to be sold down and closed at the day's low of 2.53.

What now?

• The ST uptrend is no longer applicable and removed from the chart.
• Good time to stand back and look at the weekly chart, a 6 month uptrend (purple lines) is plotted which provides some ideas on how LYC would track if the game is fair.
• Projected end pf pennant at around 09-Dec-2019.
• The ST and LT Stochastic, MACD have crossed to the downside, RSI is now below 50, all pointing to a weakening SP (statistically).
• The next support is the 50% Fibonacci at 2.47, then a solid support line at 2.45 which are not too far away.