Technical analysis, page-2

LYC rebounded from a low of 1.67 today could be a turning point for the better.

Looking at the weekly chart below:

1. The 4 downtrend lines (red) are so consistent, they have bounded the peaks and troughs since Jan-2018.
2. LYC has been bottoming between Fibonacci Pivot and S1 in the last 5 years 2015 -2019.
3. Today's low @ 1.67 is right on Fibonacci support line S1.
4. It has also touched the 200MA which provides support.
5. 1,67 is spot on at the 38.28% Fibonacci retracement level.

These 5 reasons are all supportive for a rebound based on technical analysis.

The bull case: if the SP keeps on strengthening, short term targets would be 50% retracement at 1.955, then 2.24, 2.645 etc.

The bear case: If further weakness persists, next supports would be at 1.48 (2018 low), 1.40 (2017 high) and 1.32 @ 23.6% Fibo level. The downtrend line should provide some guidance too. There are of course geopolitical influences to consider. If Yeo and her DAP party is no longer in the governing coalition, LYC should have a better chance to thrive. DYOR.

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