Lynas was holding up quite nicely for the first half of trading today. Little bit down on the previous two biggish green days, but steady.
Then about the middle of the day, it started falling, and has continued to drop all afternoon. We're now about 5 minutes away from the close and it's still 5.5% down on the day.
That biphasic pattern is unusual - steady first half, plummeting second half of the day. And it smacks of either some inside knowledge by somebody, or some devious manipulation. Is it shorters trying (and succeeding) to push the price down to make their shorting a self-fulfilling prophecy? is it somebody with knowledge of some bad news about to hit the LYC market?
We've seen many price drops on Lynas in the past - I've been holding these since almost the beginning. But today's pattern just seems odd to me. I have to admit to being just a tad worried that it may be inside knowledge about some imminent bad news.
If it's just bastards short selling (gawd, I hate short selling - it should be banned), then that's probably OK news, as we know it's more likely to recover.
As always, time will tell....
LYC Price at posting:
$7.89 Sentiment: Buy Disclosure: Held
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