Just noticed LYC has formed a descending triangle, with a target price of ~29.5c if the major support at ~55.5c breaks. Since first hitting the major support level, the share price has revisited this level at progressively closer time intervals and obviously made lower highs between visits. Not a great sign for higher prices. There was mention of the next support level ~47c. However, I suspect this could just be a bull trap in a major shakeout and add momentum to any fall if long stops below 47c are triggered. Also, LYC doesn't really get out of bed unless there's a major announcement, and there's none as far as I can see on the immediate horizon. Quite surprised when I noticed this pattern and its associated price target. Hope I'm wrong for the sake of the long suffering shareholders.
LYC Price at posting:
60.0¢ Sentiment: None Disclosure: Held
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