mainly due to bullish sentiment towards US dollar and bearishness in Aus dollar:
I know of a big fund in the USA that uses LYC not only as a play on rare earths but also a bullish play on the Australian dollar.
Yesterday was a big reversal day in the US dollar. The guy made just went on air saying he was bullish on the US dollar and also had sold all his Molycorp. He has stated he has REE , MCP and LYC. He didnt mention his LYC holdings, but I am sure he was liquidating yesterday. US investors will get out of LYC once the US dollar has bottomed and Australian dollar loses it shine. These US fund managers move in herds, I am sure the reason for the big drop was due to these funds liquidating at once.
I was personsally out of LYC at $2.63 after the blow out top and then interday reversal about 1 week ago. I got lucky there. I will look to scale back in pretty soon. Would love to see it pull back to 50 mda.
reason for drop
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Last
$6.40 |
Change
0.170(2.73%) |
Mkt cap ! $5.982B | |||
| Open | High | Low | Value | Volume |
| $6.34 | $6.40 | $6.28 | $12.65M | 1.991M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 15037 | $6.39 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.40 | 38814 | 10 |
View Market Depth
| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| LYC (ASX) Chart |