Enjoying the charts. I originally posted this in Mitta's blossum...

Enjoying the charts. I originally posted this in Mitta's blossum thread but didn't realize at the time this new charting thread was opened.

Taking a longer term view, I have been looking at the Fibs on this chart and especially the 50% retracement point. It is interesting that from the major high, if you take $1.63 as being the major 50% retracement point (which is quite reasonable) it coincides with 55 cents being the major low. This isn't to say it can't go lower but it is definitely a strong support base to watch. There is one caveat I might add though. In my reading of Gann, he says when a stock tests support three times, usually on the fourth time it will most likely break through. The target I have if it does break the low is around 38 cents.

You can also see on recent price action the high only just touching the long term downward trend line.

Also, from the major high there were 204 trading days to the major 50% retracement point. Add another 202 trading days from that point and it sits on the major low.

In technical analysis I see this as a true turning point for the price since if it holds that support I am of the view that the trend may have changed. However, if it dips below 55 cents I would probably want to have a tight stop loss if I was trading it. While I don't own any stock, I find the chart of LYC fascinating from a TA perspective.

As an aside, I find the theory interesting that if you can extrapolate the major 50% retracement point then you can find a point which may be the major low and a possible entry point to go long if it has enough support or a point to get out from the 50% retracement point if shorting. Of course stop losses are always a priority when trading.

DYOR.