lyc charts , page-3

With all due respects, I would disagree, Buddfox ;)

Apart from the likely cause of today's retracement being the news stories about the legal letters, and the fat that it seems to be bouncing already, how can you possibly say that a downtrend has started?

A downtrend is defined as a series of lower highs and lower lows. Neither has occurred - yet. So a downtrend cannot possibly be called. It may happen that way, but you certainly can't call it on a minor pullback. Don't forget that an UPtrend still has to have lows...!

Today's retracement is normal, and does nothing to break the ongoing uptrend.

I should note that I'm looking at the daily chart, not the intraday chart.

There was resistance at the 2.38-2.40 level, and now that may provide support for the next leg up.

However, the short term effect of the shareholder action against the board is unpredictable.